In October 2013, industrial output increased by 6 percent in comparison to the corresponding period of the previous year, and thus Hungary achieved the third largest increase within the EU.
The outstanding performance was mainly attributable to the vehicle manufacturing sector, but the related supplier division as well as higher food industry sales also largely contributed to the impressive figure. The multi-month continuous upward industrial output trend fits well into the Governments reindustrialization policy which aims to achieve permanently steady performance within the Hungarian economy through bolstering the productive sector and pursuing an active industrial policy.
Both workday-adjusted and unadjusted data show an increase of 6 percent. Among the industrial divisions of the national economy, output of the manufacturing sector was up by 6.7 percent, and nine out of the thirteen sub sectors registered growth in October 2013. Output at the vehicle manufacturing sector, one of the most significant sub sectors which constitutes almost one-fourth of total manufacturing output, was up outstandingly by 28.4 percent. The division of food, beverages and tobacco products also recorded very good performance, which was up by 4 percent year-on-year. The performance of the manufacturing of basic metals and fabricated metal products, a division of median weight, was also above average (13.1 percent), while that of the manufacturing of chemicals and chemical products was similarly better than usual (7.8 percent), thanks to higher domestic and international sales. Similarly to the previous month, output regarding the manufacturing of textiles, wearing apparel, leather and related products was also remarkable.
Exports of industrial products increased by 4.2 percent in the initial ten months of the year, while they were up by 10.8 percent in October, year-on-year. Calculating with monthly averages for 2010, this increase amounts more than 15 percent. Exports of vehicle manufacturing products soared extraordinarily, by almost 30 percent.
The fact that the volume of total orders in the previous month increased by 5.9 percent in comparison to October 2012 is signalling further steady industrial output growth. New export and domestic orders increased by 4.6 percent and 14.2 percent, respectively. The total stock of orders was 23.4 percent higher in comparison to the level of October last year.
(Ministry for National Economy)
