Industrial production increased by 6.5% in January
In January 2017, industrial output rose by 6.5% year-on-year. Adjusted for working days, the production grew by 1.6%. Compared to the raw data, this significant difference is due to the fact that there were two more working days in January 2017 than a year earlier.
In January 2017:
The volume of industrial production increased by 6.5% year-on-year. (Compared to the data of January published in the first estimate, there was no change in the data of the second estimate.)
Industrial output in January – according to seasonally and working-day adjusted indices – was below the level of the previous month by 0.1%.
The volume of industrial export sales rose by 8.6% compared to the same period of the previous year. Out of the two manufacturing subsections giving more than half of export sales, the export of transport equipment, representing 35% of manufacturing exports, grew by 8.5%. In the manufacture of computer, electronic and optical products – the other significant subsection accounting for 15% of manufacturing exports –, the export volume increased by 4.4%.
Industrial domestic sales rose by 7.6%, within this, the domestic sales of manufacturing were 2.2% higher year-on-year.
Out of the sections of industry, production grew by 6.0% in manufacturing representing a decisive weight (93%) and by 6.6% in mining and quarrying (having little weight). The output of energy industry (electricity, gas, steam and air-conditioning supply) increased by 11%, mainly as a result of much colder weather compared with the previous year (in January 2017, the mean average temperature was 4.7°C lower than in January 2016 according to the Hungarian Meteorological Service).
Changes in the production and sales of manufacturing
(%)
| Period | Production | Total | Domestic | Export | Share of export in sales at current prices | |
|---|---|---|---|---|---|---|
| sales | ||||||
| Volume index, corresponding period of previous year = 100.0 | ||||||
| 2015 | 108.0 | 108.2 | 106.7 | 108.7 | 74.9 | |
| 2016 | 101.4 | 101.4 | 101.7 | 101.3 | 75.1 | |
| 2017 | January | 106.0 | 106.3 | 102.2 | 107.5 | 77.0 |
Production declined in only two of the thirteen subsections of manufacturing and volume increases of 0.9 to 28% were measured in the other subsections compared to the same month of the previous year.
Out of subsections with a significant weight, the production of transport equipment representing 29% of the manufacturing output rose year-on-year by 8.2%. Out of the two major groups – giving a combined share of 96% in the output of the subsection – the manufacture of motor vehicles went up by 3.9%, while the manufacture of parts and accessories for motor vehicles grew by 11.6%.
The manufacture of computer, electronic and optical products having the second greatest weight (accounting for 12% in manufacturing) rose by 4.9%. Out of the two dominant groups, the larger one, the manufacture of consumer electronics increased by 19.8%, while the smaller one, the manufacture of communication equipment declined by 0.7%.
The manufacture of food products, beverages and tobacco products ranked third in manufacturing (giving one tenth of manufacturing) went up by 1.1%. Volume increases of 3.0 and 15.7% were measured in seven of the ten groups of the subsection, while decreases of 5.2 to 13.4% were recorded in the other three. The largest group (representing 25% of the subsection), the processing and preserving of meat and the production of meat products fell by 6.6%, at the same time the manufacture of vegetable and animal oils and fats rose the most year-on-year, by 15.7%.
The manufacture of machinery and equipment n.e.c. grew at the highest rate of 28% among the subsections, mainly due to the low base effect.
Remarkable growth was also recorded in the other two subsections with medium weight: the manufacture of basic metals and fabricated metal products increased by 9.5%, while the manufacture of rubber and plastics products, and other non-metallic mineral products went up by 5.9% year-on-year.
The manufacture of textiles, wearing apparel, leather and related products having the smallest weight also rose considerably, by 10.6%, as a result of a recovery in both domestic and export sales.
The growth continued in the manufacture of electrical equipment: the volume of production went up by 9.5% and there was an increase in both sales directions.
The manufacture of coke, and refined petroleum products dropped at the highest rate of 14.2% year-on-year among the subsections, owing to a considerable fall in export demand.
Significant subsections of manufacturing, January 2017
(%)
| Subsections | Volume indices of production, corresponding period of previous year = 100.0 | Share of subsection within manufacturing at current prices | |
|---|---|---|---|
| code | denomination | ||
| CA | Manufacture of food products, beverages and tobacco products | 101.1 | 10.2 |
| CG | Manufacture of rubber and plastics products, and other non-metallic mineral products | 105.9 | 7.5 |
| CH | Manufacture of basic metals and fabricated metal products, except machinery and equipment | 109.5 | 7.7 |
| CI | Manufacture of computer, electronic and optical products | 104.9 | 12.3 |
| CK | Manufacture of machinery and equipment n.e.c. | 128.4 | 6.9 |
| CL | Manufacture of transport equipment | 108.2 | 29.2 |
Total new orders in the observed subsections of manufacturing grew by 3.6% compared to the same month of 2016. The volume of new domestic orders decreased by 6.7%, while that of new export orders went up by 5.1%. The volume of total stock of orders was above the level of January 2016 by 2.1%.
The labour productivity of industrial enterprises with 5 or more employees grew by 2.4% along with a 3.8% increase in the number of employees.
Industrial production increased in every region of Hungary compared to January 2016. The largest volume growth was measured in Northern Hungary (10.3%), while the lowest in Central Hungary and Northern Great Plain (4.3%).