2.6% Industrial Production Growth on Pandemic Low Base

In August 2021, the volume of industrial production grew in Hungary by 2.6% year-on-year. Based on working-day adjusted data production rose by 0.6%. The majority of the manufacturing subsections contributed to the growth, the manufacture of electrical equipment grew at the highest rate.

As reported by the Central Statistical Office this Wednesday, the manufacture of transport equipment, representing the largest weight, dropped significantly, by 34%, mainly due to factory shutdowns caused by the global shortage in semiconductors. According to seasonally and working-day adjusted data industrial output was 2.7% lower than in July 2021. Production volume slightly surpassed the pre-pandemic, August 2019 level.

In August 2021:
The volume of industrial export was above the previous year’s level by 0.2%. The transport equipment export, representing a 23% weight within export sales in manufacturing fell by 33%, the export in manufacture of computer, electronic and optical products accounting for a 17% weight declined by 5.8%.

Industrial domestic sales rose by 15.8%, those in manufacturing were 15.9% higher compared to the same month of the previous year.

Within industry, manufacturing, accounting for a decisive share in industry (95%), grew by 1.5%, energy industry (electricity, gas, steam and air conditioning supply) by 10.1% and mining and quarrying having a small weight, increased by 40%.