Hungarian automotive sector output up 22 pct in September

Source: Xinhua| 2019-11-13 20:12:02|Editor: xuxin
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BUDAPEST, Nov. 13 (Xinhua) -- The output of Hungary's automotive sector, an engine of industrial growth, jumped 22.0 percent year-on-year in September, picking up sharply from the previous month, the Hungarian Central Statistics Office (KSH) said here on Wednesday.

"Output of the sector, which accounts for about 29 percent of total manufacturing output, had grown by only 1.8 percent year-on-year in August," KSH said in a statement.

"Output of the computer, electronics and optical equipment sector, which accounts for around 14 percent of manufacturing output, increased by 26.1 percent year-on-year in September," KSH added.

The output of food, drink and tobacco products also rose 10.0 percent. The sector generates around 11 percent of manufacturing output, KSH noted.

Overall, the Hungarian industry grew by 11.1 percent year-on-year in September, KSH said.

For the period January-September, industrial output rose 6.3 percent year-on-year. Industrial output was up in all regions of the country.

"The structure of growth suggests that we find the same explanation behind the September surge as behind the industry's resilience throughout the year: weak external demand will be offset by previously decided capacity expansion investments that gradually start production," leading Hungarian economic journal Portfolio explained after the publication of the data.