Hungary January Industrial Production Drops 6.7% YR/YR


Hungarian industrial production dropped by an annual 6.7% in January, according to a second estimate issued by the Central Statistical Office (KSH).


Working-day adjusted data show production fell by an annual 2.8%, while seasonally and working-day adjusted output edged up 0.2% month on month. Manufacturing output, which is dominant within Hungarian industry, grew by 7.2%, while energy industry output was up 7.1%. Vehicle manufacturing saw the steepest drop, by 27.5%, mainly on the back of factory shutdowns caused by the global semiconductor shortage. Output of computer, electronics and optical products grew by 8.6%, while production of food, beverages and tobacco dropped by 5%. The volume of industrial exports fell by an annual 5.1%, with vehicle exports down 27.2% and exports of computer, electronic and optical products up 6.4%. Domestic industrial sales shrank by 3.7%, while those in manufacturing fell by 8% from January last year.


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