Hungary’s automotive production drops 15.1%
EditorialRoom 13th January 2022
Hungary’s output of automotive manufacturing, representing 23% of the country’s manufacturing output (having the largest weight) fell by 15.1% year-on-year in November 2021, a second estimate of the Central Statistics Office (KSH) showed.
The decline was mainly caused by the fact that, due to the global semiconductor shortage, factories were working at lower capacity or on a one shift basis. The volume of motor vehicles manufacturing dropped by 11.5% while the manufacture of parts and accessories for motor vehicles decreased by 21%.
The KSH confirmed the volume of industrial production grew by 2.6% year-on-year in November 2021. Based on working-day adjusted data production rose by 2.1%. According to seasonally and working-day adjusted data industrial output was 2.9% higher than in October 2021.
The detailed data also showed the manufacture of computer, electronic and optical products accounting for almost 12% of manufacturing declined too, by 2.1%, due to the microchip shortage.
On the bright side, the manufacture of food products, beverages and tobacco products having a 11% share in manufacturing increased at the highest rate, by 17.4%, as a result of an increase in both domestic and export sales.
Out of the two medium-weight representing subsections the manufacture of rubber and plastics products, and other non-metallic mineral products rose by 9.3%, the manufacture of basic metals and fabricated metal products increased by 16.2% year-on-year. The manufacture of electrical equipment, having a smaller weight, went up by 15.7%, mainly due to the expansion in the manufacture of electric motors, generators as well as that of batteries and accumulators.
Industrial production decreased in Western Transdanubia (by 6.0%), Northern Hungary (by 3.4%), and the Southern Great Plain (by 1.3%). In the other regions volume increases 0.6% and 13.6% were recorded, the highest one in the Northern Great Plain.
In January–November 2021 compared to the same period of the previous year industrial production increased by 9.9%. The volume of export sales representing 63% of all sales went up by 9.0%, domestic sales accounting for 37% of all sales rose by 11.4%, KSH said. Industrial production grew in every region of Hungary, to the largest degree, by 21% in the Pest region, the lowest increase was measured in Western Transdanubia (4.7%).
Analysts expect full-year industrial output to grow 10% this year.