Industrial production lessened by 5.3%
The volume of industrial production lagged behind the one year earlier level by 5.3%, based on working-day adjusted data by 6.4% in December 2024. Out of the manufacturing subsections production increased in seven, decreased in six of them, at the highest rate in the manufacture of electrical equipment. According to seasonally and working-day adjusted data, industrial output was 1.8% lower than in November 2024. In 2024 the volume of industrial production was below the 2023 level by 4.0%.
In December 2024:
The volume of industrial production declined by 5.3% compared to the same period of the previous year. (Compared to the December data published in the first estimate, the data in the second estimate did not change.)
Industrial output in December – according to seasonally and working-day adjusted indices – was 1.8% below the level of the previous month.
The volume of industrial export was 3.6% lower than a year earlier. The manufacture of transport equipment export, representing a 29% weight within export sales in manufacturing dropped by 22%, while the manufacture of computer, electronic and optical products export, accounting for a 13% weight, grew by 0.3%.
Domestic sales of industry decreased by 2.8%, those of manufacturing were 5.1% lower compared to the same month of the previous year.
Within industry, production declined by 7.1% in the decisive weight (94%) representing manufacturing, at the same time the output increased by 81% in the small weight representing mining and quarrying, and it rose by 24% 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 | 98.8 | 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 | 105.2 | 72.6 | |
| May | 93.3 | 90.0 | 98.9 | 86.8 | 71.0 | |
| June | 90.7 | 89.6 | 92.4 | 88.7 | 73.2 | |
| July | 97.4 | 98.7 | 98.6 | 98.7 | 72.1 | |
| August | 89.8 | 89.8 | 89.3 | 90.0 | 71.7 | |
| September | 91.7 | 93.3 | 93.5 | 93.2 | 73.5 | |
| October | 98.8 | 100.1 | 97.0 | 101.3 | 73.1 | |
| November | 95.1 | 92.8 | 93.5 | 92.5 | 72.2 | |
| December | 92.9 | 91.8 | 94.9 | 90.5 | 69.4 | |
| From the beginning of the year | 95.1 | 94.4 | 96.2 | 93.8 | 72.5 | |
Output volume in the largest weight representing manufacture of transport equipment, having a 22% share in manufacturing, dropped by 21% compared to the same month of the previous year. Motor vehicles manufacturing fell by 30%, the manufacture of parts and accessories for motor vehicles declined by 17.5%.
The manufacture of computer, electronic and optical products, accounting for 9.9% within manufacturing output, increased by 5.9%. Considering the two largest groups, the manufacture of electronic components and boards dropped by 9.8%, while the manufacture of computers and peripheral equipment went up by 58%.
The manufacture of electrical equipment, representing a 8.1% weight in manufacturing lagged behind the most among the subsections, by 25%, year-on-year. In the two largest weight representing groups production volume in the manufacture of batteries and accumulators fell by 51%, at the same time in the manufacture of electric motors, generators, transformers and electricity distribution and control apparatus increased by 10.0%.
The manufacture of food products, beverages and tobacco products, having a 15% share in manufacturing, was 2.4% higher than in the same month of the previous year, as a 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 (23%), rose by 1.2% compared to December of the previous year. Production grew also, between 2.5% and 216%, in six other groups, 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 bakery and farinaceous products. Output decreased between 1.7% and 9.2% 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 2.1%, the manufacture of basic metals and fabricated metal products, except machinery and equipment dropped by 8.5% year-on-year.
The manufacture of wood and paper products, and printing having a 3.8% share in manufacturing, grew at the highest rate, by 8.5% compared to December 2023, sales rose in both directions.
Continuing the previous two month’s growth, the manufacture of chemicals and chemical products, accounting for a 6.2% weight within manufacturing, was 7.7% higher than a year earlier, increases were recorded in the great majority of classes.
Changes in production in the major subsections of manufacturing, December 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 | 102.4 | 14.7 |
| CG | Manufacture of rubber and plastics products, and other non-metallic mineral products | 97.9 | 7.3 |
| CH | Manufacture of basic metals and fabricated metal products, except machinery and equipment | 91.5 | 6.5 |
| CI | Manufacture of computer, electronic and optical products | 105.9 | 9.9 |
| CJ | Manufacture of electrical equipment | 75.4 | 8.1 |
| CL | Manufacture of transport equipment | 78.8 | 22.1 |
Industrial output grew in four regions and fell in other four, year-on-year. The highest volume growth was observed in the Northern Great Plain (6.4%), the most significant decline (18.9%) was registered in Pest region.
The volume of total new orders in the observed divisions of manufacturing was 14.6% lower compared to December 2023. New domestic orders declined by 2.6%, new export orders fell by 15.7%. The total stock of orders at the end of December was below the previous year’s level by 14.3%.
In 2024, compared to the previous year:
Industrial production dropped by 4.0%, following the 5.5% decrease of the previous year. Within it, out of the three sections, output declined by 4.9% in manufacturing, at the same time grew by 7.3% in the energy industry, by 27% in the low weight representing mining and quarrying, compared to 2023.
In manufacturing, production value at current prices was approximately HUF 51 thousand billion in 2024. Out of the thirteen subsections of manufacturing production decreased in nine, to the greatest extent, by 13.6%, in the manufacture of electrical equipment. The manufacture of transport equipment, considered to be the largest subsection, dropped by 9.0% year-on-year. In the other four production volume rose between 0.2% and 3.9%, mostly in the manufacture of food products, beverages and tobacco products.
Industrial export was 3.8% lower than a year earlier (a 3.0% volume decrease was registered in 2023). Export accounted for 62% of total industrial sales and for 73% of manufacturing sales. Manufacturing export declined by 6.2% compared to the previous year. Within it the volume of export sales fell by 9.9% in the 32% weight representing manufacture of transport equipment.
Industrial domestic sales decreased by 2.7%, including a 3.8% domestic sales decline within manufacturing. Domestic sales, however, exceeded the previous year’s level by 5.0% in the manufacture of food products, beverages and tobacco products, representing the largest (27%) weight in domestic manufacturing sales.
Industrial production grew only in Southern Transdanubia (by 3.0%). In the other regions volume decreases between 1.6% and 8.0% were recorded, the highest one in Pest region.