Industrial production lessened by 4.2%
The volume of industrial production lagged behind by 4.2% in November 2024, production, based on working-day adjusted data lessened by 2.9%, year-on-year. Production has been attenuated in the great majority of the manufacturing subsections, most of all in the manufacture of transport equipment. According to seasonally and working-day adjusted data, industrial output was 1.6% lower than in October 2024.
In November 2024:
The volume of industrial production declined by 4.2% compared to the same period of the previous year. (Compared to the November data published in the first estimate, the data in the second estimate did not change.)
Industrial output in November – according to seasonally and working-day adjusted indices – was 1.6% below the level of the previous month.
The volume of industrial export was 2.5% lower than a year earlier. The manufacture of transport equipment export, representing a 31% weight within export sales in manufacturing dropped by 17.3%, the manufacture of computer, electronic and optical products export, accounting for a 13% weight, declined by 1.3%.
Domestic sales of industry decreased by 1.7%, those of manufacturing were 6.8% lower compared to the same month of the previous year.
Within industry, production declined by 5.1% in the decisive weight (95%) representing manufacturing, at the same time the output increased by 52% in the small weight representing mining and quarrying, and it rose by 5.1% 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 | |
| November | 94.9 | 92.7 | 93.2 | 92.6 | 72.2 | |
| From the beginning of the year | 95.3 | 94.7 | 96.2 | 94.1 | 72.8 | |
Output volume in the largest weight representing manufacture of transport equipment, having a 25% share in manufacturing, decreased at the highest rate, by 13.5% among the subsections compared to the same month of the previous year. Motor vehicles manufacturing fell by 26%, the manufacture of parts and accessories for motor vehicles declined by 3.5%.
The manufacture of computer, electronic and optical products, accounting for 11% within manufacturing output, decreased by 0.6%. Considering the two largest groups, the manufacture of electronic components and boards dropped by 18.6%, while the manufacture of computers and peripheral equipment went up by 22%.
The manufacture of electrical equipment, representing a 9.9% weight in manufacturing fell by 8.4% year-on-year. In the two largest weight representing groups production volume in the manufacture of batteries and accumulators dropped by 21%, while in the manufacture of electric motors, generators, transformers and electricity distribution and control apparatus increased by 1.9%.
The manufacture of food products, beverages and tobacco products, having a 13% share in manufacturing, was 2.1% lower than a year earlier, both domestic and export sales declined. Processing and preserving meat and the production of meat products, representing the largest weight (23%), rose by 2.0% compared to November of the previous year. Production grew between 1.1% and 24% in other six groups, too, to the greatest extent in the processing and preserving of fish, crustaceans and molluscs, having a very small weight, least of all in the manufacture of prepared animal feeds. Output decreased between 6.1% and 15.5% in the other four 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 declined by 0.2%, the manufacture of basic metals and fabricated metal products, except machinery and equipment dropped by 9.0% year-on-year.
The manufacture of coke, and refined petroleum products grew at the highest rate, by 25% compared to November 2023, first of all due to an increase in export sales, while domestic sales declined.
Continuing the previous month’s growth, the manufacture of chemicals and chemical products, accounting for a 5.3% weight within manufacturing, was 5.1% higher than a year earlier, increases were recorded in the great majority in classes.
Changes in production in the major subsections of manufacturing, November 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 | 97.9 | 12.9 |
| CG | Manufacture of rubber and plastics products, and other non-metallic mineral products | 99.8 | 8.2 |
| CH | Manufacture of basic metals and fabricated metal products, except machinery and equipment | 91.0 | 7.1 |
| CI | Manufacture of computer, electronic and optical products | 99.4 | 10.6 |
| CJ | Manufacture of electrical equipment | 91.6 | 9.9 |
| CL | Manufacture of transport equipment | 86.5 | 25.2 |
Industrial production grew in Southern Transdanubia and in Northern Hungary, in both regions by 1.3%. In the other regions volume decreases between 1.2% and 11.6% were registered, the highest one in Western Transdanubia.
The volume of total new orders in the observed divisions of manufacturing was 3.6% lower compared to November 2023. New domestic orders fell by 6.4%, new export orders declined by 3.2%. The total stock of orders at the end of November was below the previous year’s level by 17.6%.
In January–November 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 3.7%, domestic sales accounting for 38% of all sales declined by 2.7%.
Out of the thirteen manufacturing subsections production fell in nine, to the greatest extent, by 12.4%, in the manufacture of electrical equipment. Output of the manufacture of transport equipment, the largest subsection, decreased by 8.0%. Production volume grew in four subsections, between 0.3% and 4.0%, at the highest rate in the manufacture of food products, beverages and tobacco products.