Automotive sector

Auto sector output contracts at a faster pace in December

Output in the automotive industry, the largest segment of Hungary’s industrial sector, fell 19.8% year-on-year in December, after falling 15.3% the previous month, MTI reports, citing a detailed reading of data published by the Central Statistical Office (KSH).

Hit by production stoppages and scale reductions due to the global shortage of semiconductors, the automotive segment, which accounts for about a fifth of the manufacturing sector, has weighed on overall industrial output in recent months.

The detailed data shows that output from the computer, electronic and optical equipment segment, which accounts for 12 percent of manufacturing, rose 14.8 percent year-on-year in December.

Output from the food, beverage and tobacco segment, which accounted for 13% of manufacturing output, increased by 14.2%.

Overall industrial production rose 5.8% year-on-year in December, the fastest rate since the summer, KSH confirmed.

Adjusted for the number of working days, production increased by 3.6%.

In a month-on-month comparison, production fell slightly by 0.1%, seasonally and working day adjusted.

For the year as a whole, industrial production increased by 9.6%.

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