New KSH statistics: Battery production in Hungary practically collapsed
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Output of Hungary’s industrial sector slipped 3.9pc in January, a detailed reading of data released by the Central Statistics Office (KSH) on Thursday shows.
According to the Hungarian News Agency, the detailed data show output of the automotive industry, Hungary’s biggest manufacturing sector, fell 3.0pc year-on-year in January. The segment accounted for 26pc of manufacturing output during the month. Output of the computer, electronics and optical equipment segment, accounting for 11pc of manufacturing, rose 15.4pc.
Output of the electrical equipment segment, which made up 8.5pc of manufacturing output, fell 29.5pc. Output of the food, drinks and tobacco segment, generating 13pc of the sector’s output, edged down 0.6pc.
Headline output dropped at the same pace when adjusted for the number of workdays. In a month-on-month comparison, output edged up a seasonally- and workday-adjusted 0.8pc.
Bettman was right when he said Orban has “a gambling problem”. He gambled taking on huge amounts of debt to the Chinese to build these battery factories and now Hungary is left with debt, the factories are idle and Hungarians are losing their jobs. You don’t put all your eggs in one basket like that. The government should have started much smaller and waited to confirm that demand would be reliable.
I meant Pressman. I confused the name of the former US ambassador to Hungary with the long-time NHL commissioner. Bad.