Following moderate expansion in August, as factories temporarily halted production due to summer recess, in September 2014 Hungary ’s industrial output picked up speed again as expected and achieved outstanding growth of 7.6 percent year-on-year. Several factors are signalling that this growth is based on sound fundamentals: expansion has been underpinned by both exports and domestic demand.
In September 2014, industrial output has been up for the thirteenth consecutive month. In the initial nine months of this year, output soared by 8.6 percent year-on-year, while it was 5.2 percent higher month-on-month. Vehicle manufacturing output increased again outstandingly, by 16 percent, while output regarding the manufacturing of computers, electronic and optical products was 6.8 percent higher and that of food, beverages and tobacco products was up by 4.3 percent. Growth continued at manufacturers of textiles, wearing apparel, leather and related products: thanks to rebounding exports, this sector registered the largest output increase with 21.4 percent.
Domestic sales increased by 1.5 percent in the initial nine months of the year and by 2 percent in September, in comparison to the corresponding period of the previous year. Within the above figure, the volume of new export orders and new domestic orders was up by 8.2 percent and 17.2 percent, respectively. The total stock of industrial orders was 17.2 percent higher compared to September last year.
via kormany.hu photo: Mercedes factory in Kecskemét (motorauthority.com)