Hungarian industrial output skyrocketed in June

The country saw 18.6 percent adjusted growth year-over-year, mainly thanks to manufacturing

editor: REMIX NEWS
author: Markonóm

The volume of industrial production increased by 22.0 percent year-over-year in June, and working-day adjusted output increased by 18.6 percent. Compared to the previous month, the seasonal and working day adjusted performance of the industry decreased by 0.3 percent, the Central Statistical Office (KSH) announced on Thursday.

The volume of production was 13.0 percent higher than the pre-epidemic level of June 2019.

The output of the manufacturing industry, which represents the decisive weight within the industry, increased by 22.2 percent, and that of mining by 27.6 percent, although mining has a small weight in the economy. The output of the energy industry (electricity, gas, steam, and air conditioning supply) increased by 12.8 percent. Compared to June 2019, manufacturing output increased by 13.8 percent and energy production by 7.2 percent.

The largest single component, vehicle production, accounting for 25 percent of manufacturing output, grew below the industry average, by 13.6 percent compared to June last year, and was just 0.8 percent lower than two years earlier. The volume of road vehicle production increased by 14.7 percent, and the production of road vehicle parts by 11.3 percent, in one year.

Production of computer, electronics, and optical products increased by 19.0 percent and was 23.6 percent higher than in June 2019. Production of food, beverages, and tobacco, which accounts for 11 percent of the manufacturing industry, rose 12.7 percent, driven by growth in both foreign (17.4 percent) and domestic sales (13.8 percent). The largest increase, by 69.9 percent, was in the production of medium-weight electrical equipment, mainly due to the increase in the production of electric motors, power generators and batteries, and it exceeded the previous two years by 77.4 percent.

The volume of industrial exports was 14.4 percent higher than a year earlier. Exports of vehicles increased by 11.3 percent, exports of computers, electronics, and optical products by 6.6 percent, exports of electrical equipment by 58.8 percent and pharmaceuticals by 20.2 percent.

Domestic sales of the industry increased by 24.0 percent and those of the manufacturing industry increased by 27.6 percent compared to the same month of 2020. Domestic sales of the automotive industry increased by 13.6 percent, those of computer manufacturers by 37.6 percent, and domestic sales of electrical equipment were 44.8 percent higher than in June last year.

The volume of new orders placed in June was 5.6 percent higher than a year earlier as a result of a 21.4 percent increase in domestic orders and a 3.3 percent increase in new export orders.

In the first half of the year, industrial production grew by 18.8 percent. The volume of foreign sales increased by 20.0 percent and domestic sales by 13.3 percent.

Title image: Mercedes assembly line in Kecskemét, central Hungary. (MTI/Csaba Bús)

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