Bad news for guest workers: Hungarian economy’s output down again meaning vacant workplaces will fall
Output of Hungary’s construction sector slipped 0.5pc year-on-year in April, data released by the Central Statistics Office (KSH) on Friday show. Furthermore, the output of Hungary’s industrial sector dropped 5.0pc year-on-year in April.
Construction sector output edges down 0.5pc in April
Output of the buildings segment fell 5.7pc but civil engineering output rose 6.5pc. In absolute terms, construction sector output reached HUF 611bn in April. The buildings segment accounted for 53pc of the total. In a month-on-month comparison, construction sector output was 5.3pc higher, adjusted for seasonal and workday effects.
Order stock was up 7.3pc at the end of April compared to twelve months earlier. Buildings segment orders fell 8.4pc but civil engineering orders jumped 20.9pc. New order volume dropped 12.7pc during the period, albeit from a high base. New orders in the buildings segment were down 14.3pc and new civil engineering orders fell 10.9pc. In January-April, output of the construction sector slipped 4.3pc year-on-year.
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Industrial output falls 5.0pc in April
Output of Hungary’s industrial sector dropped 5.0pc year-on-year in April, the Central Statistics Office (KSH) confirmed in a second reading of data release on Friday. The detailed data show output of the automotive industry, Hungary’s biggest manufacturing sector, fell 4.1pc year-on-year in April. The segment accounted for 27pc of manufacturing output during the month.
Output of the computer, electronics and optical equipment segment, accounting for 11pc of manufacturing, increased 3.5pc. Output of the electrical equipment segment, which made up 9.0pc of manufacturing output, fell 16.7pc. Output of the food, drinks and tobacco segment, generating 13pc of the sector’s output, slipped 4.0pc.
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Headline output slipped 2.3pc when adjusted for the number of workdays. In a month-on-month comparison, output rose a seasonally- and workday-adjusted 1.5pc.
Featured image: Levente Magyar/FB