Hungary industrial output grows by 0.3 pc in August

Output of Hungary’s industrial sector edged up 0.3 percent annually in August, the Central Statistical Office (KSH) said in a first reading of data on Monday.

Adjusted for the number of workdays, industrial output was up 2.7 percent.

In July, output of the sector rose by an annual 12 percent, a record rate since March 2017.

Output growth of the automotive segment, which has the biggest weight in the industrial sector, “slowed down significantly” while output growth of the computer, electronics and optical equipment segment “slightly accelerated”, KSH said. Output of the food, drinks and tobacco products segment declined, it added.

For the period January-August, industrial output rose by 5.6 percent year on year.

In a month-on-month comparison, industrial output was down a seasonally- and workday-adjusted 1.2 percent in August.

• Orbán cabinet to support SME job creation with 15 million euros
• Hungary July trade surplus EUR 204 m

Commenting on the data, a state secretary of the innovation and technology ministry told public television that the government’s investment promotion measures helped increase Hungary’s industrial output even in a period when it stagnated and declined in other countries, László György said Hungarian industry had gone through major structural changes over the past nine years. Citing a fresh IMF study, he said that the high-tech capacities account for 70 percent of the Hungarian industry, the second highest ratio globally.