Food companies dampen industrial output growth in Oct

fnIndustrial output in Hungary edged up 0.6pc year-on-year in October as a contraction in the food, drinks and tobacco products segment stifled growth, a detailed release of data by the Central Statistics Office (KSH).

Output of the food drinks and tobacco segment, which accounted for 11pc of manufacturing sector output, fell 4.5pc in October. Output of the automotive segment, which made up 32pc of manufacturing, rose 7.6pc. Output of the computer, electronics and optical equipment segment, with a 13pc weight in manufacturing, climbed 10.4pc.

Headline industrial output slowed from 2.2pc in September, when it rose for the first time since the start of the coronavirus crisis. Adjusted for the number of workdays, industrial output increased 2.7pc in October.

In a month-on-month comparison, output climbed a seasonally- and workday-adjusted 2.8pc. Industrial sector sales edged down 0.4pc year-on-year in October. Domestic sales dropped 3.1pc, but export sales increased 1.0pc. Order stock in segments of the manufacturing sector tracked by KSH was up 6.5pc at the end of October from twelve months earlier. New order volume grew 4.3pc as new domestic orders increased 3.1pc and new export orders climbed 4.5pc.

For the period January-October, industrial output dropped 8.2pc year-on-year.