Industrial production lessened by 0.2%
The volume of industrial production lagged behind in October 2024 by 0.2% based on working-day adjusted data by 3.1%, compared to the one year earlier level. Production expanded in the majority of the manufacturing subsections, with the largest growth in the manufacture of computer, electronic and optical products. According to seasonally and working-day adjusted data, industrial output surpassed the September 2024 level by 2.0%.
In October 2024:
The volume of industrial production declined by 0.2% compared to the same period of the previous year. (Compared to the October data published in the first estimate, the data in the second estimate did not change.)
Industrial output in October – according to seasonally and working-day adjusted indices – was 2.0% above the level of the previous month.
The volume of industrial export was 4,0% higher than a year earlier. The manufacture of transport equipment export, representing a 33% weight within export sales in manufacturing declined by 1.3%, while the manufacture of computer, electronic and optical products export, accounting for a 15% weight, grew by 20%.
Domestic sales of industry decreased by 2.1%, those of manufacturing were 3.0% lower compared to the same month of the previous year.
Within industry, production declined by 0.6% in the decisive weight (96%) representing manufacturing, at the same time the output grew by 30% in the small weight representing mining and quarrying, and it rose by 5.6% 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 | 95.4 | 94.8 | 98.9 | 93.5 | 73.7 |
| February | 102.0 | 100.6 | 101.1 | 100.5 | 74.3 | |
| March | 88.8 | 87.9 | 91.7 | 86.6 | 72.9 | |
| April | 106.7 | 105.5 | 106.4 | 105.1 | 72.6 | |
| May | 93.4 | 90.0 | 98.9 | 86.8 | 71.0 | |
| June | 90.8 | 89.7 | 92.4 | 88.8 | 73.2 | |
| July | 97.4 | 98.6 | 98.6 | 98.7 | 72.1 | |
| August | 89.7 | 89.8 | 89.1 | 90.0 | 71.7 | |
| September | 91.7 | 93.2 | 93.6 | 93.1 | 73.5 | |
| October | 99.4 | 100.7 | 97.0 | 102.2 | 73.3 | |
| From the beginning of the year | 95.3 | 94.9 | 96.6 | 94.3 | 72.8 | |
Output volume in the largest weight representing manufacture of transport equipment, having a 26% share in manufacturing, was 3.9% lower than a year earlier. Motor vehicles manufacturing fell by 12.0%, the manufacture of parts and accessories for motor vehicles rose by 3.3%.
The manufacture of computer, electronic and optical products, accounting for 11% within manufacturing output, grew at the highest rate, by 16.3% among the subsections. Considering the two largest groups, the manufacture of electronic components and boards dropped by 6.8%, while the manufacture of computers and peripheral equipment went up by 84%.
The manufacture of electrical equipment, representing a 9.4% weight in manufacturing fell by 16.9% compared to the same month of the previous year. In the two largest weight representing groups production volume in the manufacture of batteries and accumulators dropped by 31%, in the manufacture of electric motors, generators, transformers and electricity distribution and control apparatus decreased by 5.1%.
The manufacture of food products, beverages and tobacco products, having a 13% share in manufacturing, was 2.7% higher than a year earlier, 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%), grew by 10.9% compared to October of the previous year. Production rose between 3.7% and 26% in other seven groups, too, to the greatest extent in the manufacture of tobacco products, least of all in the manufacture of prepared animal feeds. Output decreased between 5.8% and 18.1% in the other three groups, most of all in the manufacture of vegetable and animal oils and fats.
Out of the two medium weight representing subsections the manufacture of rubber and plastics products and other non-metallic mineral products grew by 4.6%, the manufacture of basic metals and fabricated metal products, except machinery and equipment declined by 4.9% year-on-year.
After the previous month’s setback, the manufacture of chemicals and chemical products accounting for 5.1% within manufacturing, output was 12.8% higher than a year earlier, mainly owing to an increase in the significant weight carrying manufacture of plastics in primary forms.
The decline continued in the manufacture of coke, and refined petroleum products: production dropped by 11.4% year-on-year in October, first of all due to a decrease in domestic sales, while export sales rose.
Changes in production in the major subsections of manufacturing, October 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 | 102.7 | 13.4 |
| CG | Manufacture of rubber and plastics products, and other non-metallic mineral products | 104.6 | 8.0 |
| CH | Manufacture of basic metals and fabricated metal products, except machinery and equipment | 95.1 | 7.1 |
| CI | Manufacture of computer, electronic and optical products | 116.3 | 10.9 |
| CJ | Manufacture of electrical equipment | 83.1 | 9.4 |
| CL | Manufacture of transport equipment | 96.1 | 26.5 |
Industrial output increased in five regions, and declined in three, year-on-year. The highest volume growth was observed in Southern Transdanubia (9.6%), the most significant decline (10.0%) was registered in Pest region.
The volume of total new orders in the observed divisions of manufacturing was 8.1% higher compared to October 2023. New domestic orders fell by 2.6%, new export orders rose by 10.1%. The total stock of orders at the end of October was below the previous year’s level by 20%.
In January–October 2024, compared to the same period of the previous year:
Industrial production decreased by 3.9%. The volume of export sales, representing 62% of all sales dropped by 3.9%, domestic sales accounting for 38% of all sales declined by 2.8%.
Out of the thirteen manufacturing subsections production fell in nine, to the greatest extent, by 12.8%, in the manufacture of electrical equipment. Output of the manufacture of transport equipment, the largest subsection, decreased by 7.4%. Production volume grew in four subsections, between 0.4% and 4.7%, at the highest rate in the manufacture of food products, beverages and tobacco products.