Industrial production decreased by 8.2%
The volume of industrial production dropped in June 2024 by 8.2%, year-on-year, based on working-day adjusted data production declined by 3.7%. Compared to crude data, the significant difference is due to the fact that there were two less working-days in this month than in June 2023. Production decreased in the great 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 0.5% higher than in May 2024.
In June 2024:
The volume of industrial production declined by 8.2% compared to the same period of the previous year. (Compared to the June data published in the first estimate, the data in the second estimate did not change.)
Industrial output in June – according to seasonally and working-day adjusted indices – was 0.5% above the level of the previous month.
The volume of industrial export was 8.1% lower than a year earlier. The manufacture of transport equipment export, representing a 34% weight within export sales in manufacturing dropped by 13.6%, the manufacture of electrical equipment export, accounting for a 12% weight, fell by 28%.
Domestic sales of industry declined by 5.1%, those of manufacturing decreased by 7.4% compared to the same month of the previous year.
Within industry, production dropped by 9.2% in the decisive weight (96%) representing manufacturing, at the same time the output grew by 7.4% in the small weight representing mining and quarrying, and it rose by 9.5% 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 | 95.8 | 97.4 | 91.8 | 99.7 | 72.7 | |
| 2024 | January | 95.6 | 95.0 | 98.9 | 93.7 | 73.8 |
| February | 102.0 | 100.8 | 101.1 | 100.7 | 74.4 | |
| March | 88.8 | 88.0 | 91.7 | 86.7 | 72.9 | |
| April | 106.8 | 105.6 | 106.4 | 105.3 | 72.6 | |
| May | 93.6 | 90.1 | 98.9 | 87.0 | 71.0 | |
| June | 90.8 | 89.9 | 92.6 | 88.9 | 73.2 | |
| From the beginning of the year | 95.9 | 94.5 | 98.0 | 93.2 | 73.0 | |
In the largest weight representing manufacture of transport equipment, having a 28% share in manufacturing, production fell by 11.8% compared to the same month of the previous year. Motor vehicles manufacturing dropped by 14.4%, the manufacture of parts and accessories for motor vehicles declined by 9.7%.
The manufacture of computer, electronic and optical products, accounting for 9.7% within manufacturing output, decreased by 9.6% compared to June 2023. Out of the two largest groups, the manufacture of electronic components and boards dropped by 27%, the manufacture of consumer electronics declined by 1.1%, year-on-year.
The manufacture of electrical equipment, having a 9.4% weight in manufacturing, lagged behind the most out of the subsections, by 23%, compared to June 2023. In the two largest weight representing groups production volume in manufacture of batteries and accumulators dropped by 31%, in the manufacture of electric motors, generators, transformers and electricity distribution and control apparatus fell by 22%.
Following the growth in the previous month the manufacture of food products, beverages and tobacco products, having a 12% share in manufacturing, declined by 1.3% year-on-year, sales decreased in both directions. Processing and preserving meat and the production of meat products, representing the largest weight (22%) practically stagnated (100.1%). Production increased between 1.1% and 23% in other five groups, to the greatest extent in the manufacture of grain mill products, starches and starch products, least of all in the manufacture of bakery and farinaceous products. Production decreased between 3.1% and 32% in the other five groups, to the smallest extent in the manufacture of beverages, mostly in processing and preserving of fruit and vegetables.
Out of the two medium weight representing subsections the manufacture of rubber and plastics products, and other non-metallic mineral products decreased by 2.8%, the manufacture of basic metals and fabricated metal products, except machinery and equipment dropped by 7.3% year-on-year.
An increase continued in the manufacture of chemicals and chemical products, output went up by 14.8% in June compared to the low base from a year earlier.
The manufacture of machinery and equipment n.e.c, representing 5.4% weight in manufacturing dropped by 19.3% year-on-year. Decline was recorded in the great majority of its classes.
Changes in production in the major subsections of manufacturing, June 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 | 98.7 | 12.4 |
| CG | Manufacture of rubber and plastics products, and other non-metallic mineral products | 97.2 | 8.0 |
| CH | Manufacture of basic metals and fabricated metal products, except machinery and equipment | 92.7 | 7.1 |
| CI | Manufacture of computer, electronic and optical products | 90.4 | 9.7 |
| CJ | Manufacture of electrical equipment | 77.4 | 9.4 |
| CL | Manufacture of transport equipment | 88.2 | 27.8 |
Industrial production fell in every region of Hungary compared to the same month of the previous year: to the greatest extent, by 13.8% in Pest region, the least, by 2.3% in Southern Transdanubia.
The volume of total new orders in the observed divisions of manufacturing stagnated (100%) compared to June 2023. New domestic orders declined by 4.2%, new export orders rose by 0.7%. The total stock of orders at the end of June was below the previous year’s level by 28%.
In January–June 2024, compared to the same period of the previous year:
Industrial production decreased by 3.3%. The volume of export sales, representing 62% of all sales dropped by 5.3%, domestic sales accounting for 38% of all sales declined by 2.8%.
Out of the thirteen manufacturing subsections production fell in ten, to the greatest extent, by 12.6%, in the manufacture of electrical equipment. The output of the manufacture of transport equipment, the largest subsection, decreased by 6.4%. Production volume rose in three subsections, namely between 0.4% and 7.1%, at the highest rate in the manufacture of food products, beverages and tobacco products.