Hungary’s industrial sector output falls due to struggling battery manufacturing sector
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Output of Hungary’s industrial sector edged down 0.2pc in October, a detailed release of data by the Central Statistics Office (KSH) on Friday shows.
The detailed data show output of the automotive industry, Hungary’s biggest manufacturing sector, fell 3.9pc year-on-year in October. The segment accounted for 26pc of manufacturing output during the month.
Output of the computer, electronics and optical equipment segment, accounting for 11.0pc of manufacturing, rose 16.3pc. Output of the electrical equipment segment, which made up 9.4pc of manufacturing output, fell 16.9pc. Output of the food, drinks and tobacco segment, which made up 13pc of manufacturing sector output, climbed 2.7pc.
Adjusted for the number of workdays, headline output was down 3.1pc. In a month-on-month comparison, output was up 2.0pc, on a seasonally- and workday-adjusted basis.
According to Forbes, despite the Hungarian government’s allegations, the output of the Hungarian industry does not keep falling because of the struggling German economy but due to the malaise of the battery industry.