Industrial production increased by 6.4%
The volume of industrial production grew in April 2024 by 6.4%, year-on-year, while based on working-day adjusted data production declined by 2.4%. Compared to crude data, the significant difference is due to the fact that there were three more working-days in this month than in April 2023. Production increased in the majority of the manufacturing subsections, with the largest growth in the manufacture of food products, beverages and tobacco products. According to seasonally and working-day adjusted data industrial output was 0.7% lower than in March 2024.
In April 2024:
The volume of industrial production increased by 6.4% compared to the same period of the previous year. (Compared to the April data published in the first estimate, the data in the second estimate did not change.)
Industrial output in April – according to seasonally and working-day adjusted indices – was 0.7% below the level of the previous month.
The volume of industrial export was 7.1% higher than a year earlier. Transport equipment export, representing a 33% weight within export sales in manufacturing grew by 7.6%, at the same time the manufacture of electrical equipment export, accounting for a 13% weight, dropped by 9.8%.
Domestic sales of industry rose by 2.1%, those of manufacturing increased by 6.4% compared to the same month of the previous year.
Within industry, manufacturing output, which accounts for a decisive share in industry (96%), grew by 6.5%, that of mining and quarrying, having a small weight, went up by 37%, production in energy industry (electricity, gas, steam and air conditioning supply) rose by2.4%.
Changes in the production and sales of manufacturing
(%)
| Period | Production | Total | Domestic | Export | Share of export in sales at current prices | |
|---|---|---|---|---|---|---|
| sales | ||||||
| Volume index, corresponding period of previous year = 100.0 | ||||||
| 2022 | 106.2 | 106.2 | 100.2 | 108.8 | 71.5 | |
| 2023 | 95.7 | 97.2 | 91.9 | 99.4 | 72.6 | |
| 2024 | January | 95.3 | 94.9 | 98.5 | 93.7 | 73.8 |
| February | 102.1 | 100.8 | 100.8 | 100.8 | 74.4 | |
| March | 88.7 | 87.9 | 91.5 | 86.6 | 72.9 | |
| April | 106.5 | 106.0 | 106.4 | 105.8 | 72.6 | |
| From the beginning of the year | 97.8 | 96.9 | 99.0 | 96.2 | 73.4 | |
In the largest weight representing manufacture of transport equipment, having a 26% share in manufacturing, production increased by 7.0% compared to the same month of the previous year. Motor vehicles manufacturing went up by 8.4%, the manufacture of parts and accessories for motor vehicles rose by 4.9%.
The manufacture of electrical equipment, having a 10.3% weight in manufacturing, dropped by 6.7% year-on-year. Out of the two largest weight representing groups the volume in manufacture of batteries and accumulators fell by 23%, the manufacture of electric motors, generators, transformers and electricity distribution and control apparatus grew by 7.2%.
The manufacture of computer, electronic and optical products, accounting for 9.4% within manufacturing output, increased by 9.8% compared to the same month of the previous year. Out of the two largest groups, the manufacture of electronic components and boards declined by 13.1%, the manufacture of consumer electronics rose by 12.4%.
The manufacture of food products, beverages and tobacco products, having a 12% share in manufacturing, grew at the highest rate, by 18.8% compared to the low base of level a year earlier, sales rose in both directions. Production volume increased in every group – between 8.9% and 51% –, to the greatest extent in the manufacture of bakery and farinaceous products, least of all in the manufacture of dairy products. Processing and preserving meat and the production of meat products, representing the largest weight (23%), went up by 24% compared to the same month of the previous year.
Contrary to the decrease of the previous month, the manufacture of pharmaceuticals, medicinal chemical and botanical products grew in April by 13.5% compared to the same month of the previous year, due to 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 10.1%, the manufacture of basic metals and fabricated metal products increased by 7.2% compared to the same month of the previous year.
The decline continued in the manufacture of coke, and refined petroleum products: production dropped by 8.8% year-on-year in April, sales fell in both directions.
Changes in production in the major subsections of manufacturing, April 2024
(%)
| Subsections | Volume indices of production, corresponding period of the previous year = 100.0 | Share of subsection within manufacturing at current prices | |
|---|---|---|---|
| code | denomination | ||
| CA | Manufacture of food products, beverages and tobacco products | 118.8 | 12.4 |
| CG | Manufacture of rubber and plastics products, and other non-metallic mineral products | 110.1 | 8.2 |
| CH | Manufacture of basic metals and fabricated metal products, except machinery and equipment | 107.2 | 7.7 |
| CI | Manufacture of computer, electronic and optical products | 109.8 | 9.4 |
| CJ | Manufacture of electrical equipment | 93.3 | 10.3 |
| CL | Manufacture of transport equipment | 107.0 | 25.9 |
Industrial production grew in every region of Hungary compared to the same month of the previous year: to the greatest extent, by 15.8% in the Southern Great Plain, the least, by 1.0% in Northern Hungary.
The volume of total new orders in the observed divisions of manufacturing was 13.6% higher compared to April 2023. New domestic orders rose by 2.8%, new export orders went up by 15.4%. The total stock of orders at the end of April was below the previous year’s level by 18.1%.
In January–April 2024, compared to the same period of the previous year:
Industrial production decreased by 1.7%. The volume of export sales, representing 62% of all sales dropped by 3.0%, domestic sales accounting for 38% of all sales declined by 2.7%.
Out of the thirteen manufacturing subsections production fell in nine, to the greatest extent, by 9.8%, in the manufacture of machinery and equipment n.e.c. The output of the manufacture of transport equipment, the largest subsection, decreased by 2.5%. In the other subsections volumes rose between 0.3% and 7.5%, at the highest rate in the manufacture of food products, beverages and tobacco products.