Industrial production decreased by 9.5%
The volume of industrial production dropped in August 2024 by 9.5%, based on working-day adjusted data production declined by 4.1%, year-on-year. Compared to crude data, the significant difference is due to the fact that there were two less working-days in this month than in August 2023. Out of the manufacturing subsections production increased in three, and decreased in ten. According to seasonally and working-day adjusted data, industrial output was 0.5% lower than in July 2024.
In August 2024:
The volume of industrial production declined by 9.5% compared to the same period of the previous year. (Compared to the August data published in the first estimate, the data in the second estimate did not change.)
Industrial output in August – according to seasonally and working-day adjusted indices – was 0.5% below the level of the previous month.
The volume of industrial export was 6.3% lower than a year earlier. The manufacture of transport equipment export, representing a 30% weight within export sales in manufacturing dropped by 14.0%, the manufacture of electrical equipment export, accounting for a 15% weight, declined by 11.3%.
Domestic sales of industry decreased by 7.3%, those of manufacturing fell by 10.6% compared to the same month of the previous year.
Within industry, production declined by 10.2% in the decisive weight (94%) representing manufacturing, at the same time the output grew by 10.6% in the small weight representing mining and quarrying, and increased by 6.2% 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 | |
| August | 89.8 | 89.9 | 89.4 | 90.1 | 71.7 | |
| From the beginning of the year | 95.4 | 94.4 | 97.0 | 93.5 | 72.7 | |
In the largest weight representing manufacture of transport equipment, having a 23% share in manufacturing, production dropped by 12.4% compared to the same month of the previous year. Motor vehicles manufacturing fell by 16.5%, the manufacture of parts and accessories for motor vehicles declined by 8.8%.
The manufacture of electrical equipment, having a 11% weight in manufacturing was 15.7% lower than a year earlier. In the two largest weight representing groups production volume in manufacture of batteries and accumulators dropped by 24.0%, in the manufacture of electric motors, generators, transformers and electricity distribution and control apparatus fell by 15.0%.
The manufacture of computer, electronic and optical products, accounting for 9.8% within manufacturing output, decreased by 13.2% compared to August 2023. Out of the two largest groups, the manufacture of electronic components and boards dropped by 19.7%, the manufacture of computers and peripheral equipment declined by 0.4%.
Following the increase in the previous month the manufacture of food products, beverages and tobacco products, having a 16% share in manufacturing, was 0.2% lower than in the same month of the previous year , which is the result of an increase in domestic sales and a decrease in the export ones. Processing and preserving meat and the production of meat products, representing the largest weight (22%), grew by 5.6% compared to August of the previous year. Production increased between 6.2% and 24% in other five groups as well, to the greatest extent in the manufacture of grain mill products, starches and starch products, least of all in the manufacture of dairy products. Output declined between 1.2% and 23% in the other five groups, most of all 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 fell by 5.3%, the manufacture of basic metals and fabricated metal products, except machinery and equipment dropped by 20% year-on-year.
The increase continued in the manufacture of chemicals and chemical products accounting for 4.8% within manufacturing: output rose in August by 5.3% compared to the low base from a year earlier.
Out of the subsections the manufacture of coke, and refined petroleum products, having a smaller weight, lagged behind the most, by 24%, sales dropped in both directions.
Changes in production in the major subsections of manufacturing, August 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 | 99.8 | 15.6 |
| CG | Manufacture of rubber and plastics products, and other non-metallic mineral products | 94.7 | 8.6 |
| CH | Manufacture of basic metals and fabricated metal products, except machinery and equipment | 80.0 | 6.9 |
| CI | Manufacture of computer, electronic and optical products | 86.8 | 9.8 |
| CJ | Manufacture of electrical equipment | 84.3 | 11.1 |
| CL | Manufacture of transport equipment | 87.6 | 23.4 |
Industrial production fell in every region of Hungary compared to the same month of the previous year: to the greatest extent, by 14.7% in Pest region, the least, by 3.8% in Southern Transdanubia.
The volume of total new orders in the observed divisions of manufacturing was 10.9% lower compared to August 2023. New domestic orders dropped by 14.5%, new export orders fell by 10.2%. The total stock of orders at the end of August was below the previous year’s level by 26%.
In January–August 2024, compared to the same period of the previous year:
Industrial production decreased by 3.8%. The volume of export sales, representing 62% of all sales dropped by 4.6%, domestic sales accounting for 38% of all sales declined by 2.9%.
Out of the thirteen manufacturing subsections production fell in nine, to the greatest extent, by 12.6%, in the manufacture of electrical equipment. Output of the manufacture of transport equipment, the largest subsection, decreased by 7.5%. Production volume stagnated in one subsection and grew in three, between 1.6% and 5.5%, at the highest rate in the manufacture of food products, beverages and tobacco products.