Industrial production decreased by 5.2%
The volume of industrial production dropped in May 2024 by 5.2%, year-on-year, based on working-day adjusted data production declined by 4.9%. Production decreased in the majority of the manufacturing subsections, with the largest fall in the manufacture of electrical equipment. According to seasonally and working-day adjusted data industrial output was 1.1% lower than in April 2024.
In May 2024:
The volume of industrial production declined by 5.2% compared to the same period of the previous year. (Compared to the May data published in the first estimate, the data in the second estimate did not change.)
Industrial output in May – according to seasonally and working-day adjusted indices – was 1.1% below the level of the previous month.
The volume of industrial export was 10.5% lower than a year earlier. Transport equipment export, representing a 32% weight within export sales in manufacturing dropped by 16.6%, the manufacture of electrical equipment export, accounting for a 12% weight, fell by 33%.
Domestic sales of industry declined by 0.5%, those of manufacturing decreased by 1.5% compared to the same month of the previous year.
Within industry, production declined by 6.4% in the decisive weight (96%) representing manufacturing, at the same time the output grew by 18.7% in the small weight representing mining and quarrying, and it rose by 7.3% in the energy industry (electricity, gas, steam and air-conditioning supply).
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 | |
| May | 93.6 | 90.2 | 98.5 | 87.3 | 71.1 | |
| From the beginning of the year | 96.9 | 95.5 | 98.9 | 94.3 | 72.9 | |
In the largest weight representing manufacture of transport equipment, having a 25% share in manufacturing, production fell by 14.5% compared to the same month of the previous year. Motor vehicles manufacturing dropped by 18.6%, the manufacture of parts and accessories for motor vehicles declined by 10.3%.
The manufacture of electrical equipment, having a 10.4% weight in manufacturing, lagged behind the most, by 18.7% year-on-year, out of the subsections. In the two largest weight representing groups the volume in manufacture of batteries and accumulators dropped by 32%, the manufacture of electric motors, generators, transformers and electricity distribution and control apparatus fell by 12.0%.
The manufacture of computer, electronic and optical products, accounting for 9.6% within manufacturing output, decreased by 4.4% compared to the same month of the previous year. Out of the two largest groups, the manufacture of electronic components and boards dropped by 23%, the manufacture of consumer electronics increased by 1.0%.
The manufacture of food products, beverages and tobacco products, having a 13% share in manufacturing, grew at the highest rate, by 9.6%, year-on-year, sales rose in both directions. Processing and preserving meat and the production of meat products, representing the largest weight (23%), went up by 8.0% compared to the same month of the previous year. Production increased between 0.7% and 23% in other nine groups, to the greatest extent in the manufacture of grain mill products, starches and starch products, least of all in the manufacture of other food products. Output declined only in one group: in the small weight carrying manufacture of tobacco products, by 15.3%.
Contrary to the increase of the previous month, the output of the manufacture of pharmaceuticals, medicinal chemical and botanical products fell in May by 7.2% compared to the same month of the previous year, first of all due to a decrease in export sales, while domestic sales rose.
Out of the two medium-weight representing subsections, the manufacture of rubber and plastics products, and other non-metallic mineral products grew by 2.1%, the manufacture of basic metals and fabricated metal products declined by 4.9% compared to the same month of the previous year.
After the previous month’s decrease the output of the manufacture of coke, and refined petroleum products slightly rose, by 0.2%.
Changes in production in the major subsections of manufacturing, May 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 | 109.6 | 12.9 |
| CG | Manufacture of rubber and plastics products, and other non-metallic mineral products | 102.1 | 8.3 |
| CH | Manufacture of basic metals and fabricated metal products, except machinery and equipment | 95.1 | 7.5 |
| CI | Manufacture of computer, electronic and optical products | 95.6 | 9.6 |
| CJ | Manufacture of electrical equipment | 81.3 | 10.4 |
| CL | Manufacture of transport equipment | 85.5 | 24.6 |
Industrial production grew in Southern Transdanubia (by 5.7%) and in the Northern Great Plain (by 0.6%), in the other regions volume decreases between 0.7% and 12.2% were recorded, the highest one in the Southern Great Plain.
The volume of total new orders in the observed divisions of manufacturing was 16.6% lower compared to May 2023. New domestic orders dropped by 8.3%, new export orders fell by 18.0%. The total stock of orders at the end of May was below the previous year’s level by 24%.
In January–May 2024, compared to the same period of the previous year:
Industrial production decreased by 2.4%. The volume of export sales, representing 62% of all sales dropped by 4.5%, domestic sales accounting for 38% of all sales declined by 2.3%.
Out of the thirteen manufacturing subsections production fell in eleven, to the greatest extent, by 9.0%, in the manufacture of machinery and equipment n.e.c. The output of the manufacture of transport equipment, the largest subsection, decreased by 5.1%. The production volume grew in two subsections: by 8.0% in the manufacture of food products, beverages and tobacco products and by 0.8% in the manufacture of wood and paper products, and printing.