Budapest, January 13 (MTI) – Hungary’s industrial output grew by an annual 9.5 percent in November 2015, slowing from a 10.1 percent increase in the previous month, the Central Statistical Office (KSH) said on Wednesday in a second reading of data, confirming its preliminary report.
In a month-on-month comparison, industrial output fell by 1.4 percent in November, adjusted for seasonal effects and the number of working days.
Output rose by 7 percent from a year earlier, according to working day-adjusted data.
In January-November, industrial output was up by 7.3 percent from a year earlier.
Output of Hungary’s automotive industry grew by 15.1 percent in November from the same period a year earlier, significantly contributing to output growth, even though growth slowed compared to the 26.9 percent jump in October.
Output of the food, drink and tobacco companies climbed by 8 percent during the period. Output of the computer, electronics and optical equipment segment increased by 8.5 percent. Output of pharmaceutical sector was up by 7.9 percent.
Output in the machines and machinery segment increased by 5.4 in November after a 11.8 percent fall in October, but output in the oil refining and coke production segment continued to decline, falling by 11.2 percent in November.
Industrial exports rose by 10.4 percent during the period. Domestic sales were up by 3.6 percent with sales in manufacturing increasing by 8.7 percent.
Order stock in November was up by 13.2 percent from a year earlier. New orders rose by 12.9 percent, as new domestic orders increased by 25.4 percent and new export orders rose by 11.4 percent.
Economy Minister Mihaly Varga said the growth rate of the industrial output significantly exceeded that of the European Union average. He said the main driving force of November’s output was the manufacturing industry along with the automotive and rubber industries. The pharmaceutical, food and metal industries as well as the electronics sector also contributed to the increased output.
Istvan Lepsenyi, state secretary at the economy ministry, noted that industrial output has been rising continuously for 27 months.
ING Bank chief analyst Andras Balatoni highlighted the growth in new orders and projected a 7 percent industrial output growth rate for 2015.
Analyst David Nemeth of K and H Bank noted that growth spread out across several segments in the industrial sector and now domestic sales and not just export sales contributed to lifting the output.