Automotive Sector Brings Down Industrial Output

In January 2021 the volume of industrial production in Hungary fell by 6.7% year-on-year. Based on working-day adjusted data, production declined by 2.8%, according to the Central Statistical Office.

The largest weight carrying manufacture of transport equipment representing 25% of the manufacturing output was 28% lower than a year earlier. The global semiconductors shortage contributed primarily to the factory shutdowns causing the significant decline. The volume of motor vehicles manufacturing dropped by 38%, the manufacture of parts and accessories for motor vehicles dropped by 18.8%.

The manufacture of computer, electronic and optical products accounting for 13% of manufacturing rose by 8.6%. Out of the two largest groups the more significant one, the manufacture of consumer electronics electronic went up by 30%, while the smaller weight carrying one, the manufacture of electronic components and boards decreased by 2.8%.

The manufacture of food products, beverages and tobacco products having a 11% share in manufacturing declined by 5.0% with decreases measured in both sales directions. The processing and preserving meat and the production of meat products representing the largest weight (24%) fell by 11.0%, at the same time the manufacture of vegetable and animal oils and fats fell to the highest degree, by 15.2%. Altogether production grew in three groups: the processing and preserving of fish, crustaceans and molluscs having a very small weight grew the most, by 47%, while the volume increased between 1.1% and 6.2% in the other three groups.