Industrial production decreased by 1.3%
The volume of industrial production declined in July 2024 by 1.3%, year-on-year, based on working-day adjusted data production dropped by 6.4%. Compared to crude data, the significant difference is due to the fact that there were two more working-days in this month than in July 2023. Out of the manufacturing subsections production increased in seven, while decreased in six. According to seasonally and working-day adjusted data, industrial output did not change compared to June 2024.
In July 2024:
The volume of industrial production declined by 1.3% compared to the same period of the previous year. (Compared to the July data published in the first estimate, the data in the second estimate did not change.)
Industrial output in July – according to seasonally and working-day adjusted indices –remained at the level of the previous month.
The volume of industrial export was 1.5% higher than a year earlier, within it the manufacture of transport equipment export, representing a 33% weight within export sales in manufacturing dropped by 8.5%, the manufacture of electrical equipment export, accounting for a 13% weight, declined by 1.9%.
Domestic sales of industry rose by 0.8%, those of manufacturing decreased by 1.4% compared to the same month of the previous year.
Within industry, production declined by 2.4% in the decisive weight (95%) representing manufacturing, at the same time the output grew by 25% in the small weight representing mining and quarrying, and increased by 4.2% 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 | |
| July | 97.6 | 98.7 | 98.6 | 98.8 | 72.1 | |
| From the beginning of the year | 96.1 | 95.0 | 98.0 | 94.0 | 72.9 | |
In the largest weight representing manufacture of transport equipment, having a 26% share in manufacturing, production dropped by 10,0% compared to the same month of the previous year. Motor vehicles manufacturing fell by 16.0%, the manufacture of parts and accessories for motor vehicles declined by 2.1%.
The manufacture of electrical equipment, having a 10% weight in manufacturing was 10.0% lower than a year earlier. In the two largest weight representing groups production volume in manufacture of batteries and accumulators dropped by 14.9%, in the manufacture of electric motors, generators, transformers and electricity distribution and control apparatus fell by 13.7%.
The manufacture of computer, electronic and optical products, accounting for 9.1% within manufacturing output, declined by 1.0% compared to July 2023. Out of the two largest groups, the manufacture of electronic components and boards dropped by 12.9%, while the manufacture of computers and peripheral equipment grew by 26%.
Following the decrease in the previous month the manufacture of food products, beverages and tobacco products, having a 13% share in manufacturing, rose by 3.2% year-on-year, due to an increase in both domestic and export sales. Processing and preserving meat and the production of meat products, representing the largest weight (23%), went up by 13.1% compared to the same month of the previous year. Production increased between 2.4% and 21% in other eight groups, to the greatest extent in the manufacture of grain mill products, starches and starch products, least of all in the manufacture of beverages. Output declined in two groups only: in processing and preserving of fruit and vegetables, by 27%, and in the manufacture of vegetable and animal oils and fats, by 3.8%.
Out of the two medium weight representing subsections the manufacture of rubber and plastics products and other non-metallic mineral products grew by 10.5%, the manufacture of basic metals and fabricated metal products, except machinery and equipment rose by 0.4% year-on-year.
The manufacture of wood and paper products, and printing increased at the highest rate, by 16.6%, the effect of the low base also played a role in the growth.
A decrease continued in the manufacture of machinery and equipment n.e.c representing a 5.4% weight in manufacturing: output declined by 1.3% in July.
Out of the subsections the manufacture of pharmaceuticals, medicinal chemical and botanical products, having a smaller weight, lagged behind the most, by 13.1%, first of all due to a decrease in export sales, domestic sales rose.
Changes in production in the major subsections of manufacturing, July 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 | 103.2 | 13.3 |
| CG | Manufacture of rubber and plastics products, and other non-metallic mineral products | 110.5 | 8.5 |
| CH | Manufacture of basic metals and fabricated metal products, except machinery and equipment | 100.4 | 7.5 |
| CI | Manufacture of computer, electronic and optical products | 99.0 | 9.1 |
| CJ | Manufacture of electrical equipment | 90.0 | 10.0 |
| CL | Manufacture of transport equipment | 90.0 | 26.4 |
Industrial output grew in four regions and fell in other four year-on-year. The highest volume growth was observed in Budapest (4.8%), the most significant decline (8.2%) was registered in Pest region.
The volume of total new orders in the observed divisions of manufacturing was 2.7% lower compared to July 2023. New domestic orders dropped by 9.2%, new export orders decreased by 1.5%. The total stock of orders at the end of July was below the previous year’s level by 27%.
In January–July 2024, compared to the same period of the previous year:
Industrial production decreased by 3.0%. The volume of export sales, representing 62% of all sales dropped by 4.4%, domestic sales accounting for 38% of all sales declined by 2.3%.
Out of the thirteen manufacturing subsections production fell in nine, to the greatest extent, by 12.2%, in the manufacture of electrical equipment. Output of the manufacture of transport equipment, the largest subsection, decreased by 6.9%. Production volume rose in four subsections, namely between 0.8% and 6.5%, at the highest rate in the manufacture of food products, beverages and tobacco products.