Hungarian Industrial Production 6.1% Down in 2020

In December 2020 the volume of industrial production in Hungary grew by 5.8% year-on-year. Based on working-day adjusted data, this figure was 1.1%. As for the whole of 2020, industrial production declined by 6.1% compared to the previous year.

In December 2020:

• The volume of industrial production increased by 5.8% 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 2.4% below the level of the previous month, however it grew by 58% compared to the nadir of April.
• The volume of industrial export was above the previous year’s level by 9.4%. Transport equipment export, representing a 34% weight within export sales in manufacturing went up by 12.6%, at the same time the export in manufacture of computer, electronic and optical products accounting for a 14% weight fell by 8.7%.
• Industrial domestic sales declined by 1.2%, while domestic sales in manufacturing were 2.4% lower compared to the same month of the previous year.
• Within industry, production increased by 6.7% in the decisive weight (95%) representing manufacturing, at the same time it dropped by 3.9% in the small weight representing mining and quarrying. The output of energy industry (electricity, gas, steam and air-conditioning supply) rose by 6.1%.
• The largest weight carrying manufacture of transport equipment representing 28% of the manufacturing output exceeded by 13.8 % the previous year’s production. The volume of motor vehicles manufacturing increased by 18.0%, the manufacture of parts and accessories for motor vehicles went up by 11.5%.
• The manufacture of computer, electronic and optical products accounting for 11% of manufacturing fell by 5.4%. Out of the two largest groups the more significant one, the manufacture of electronic components and boards rose by 74%, while the smaller weight carrying one, the manufacture of consumer electronics dropped by 6.8%.
• The manufacture of food products, beverages and tobacco products having a 12% share in manufacturing grew by 3.6% with increases measured in both sales directions. Altogether the production declined in three groups. The processing and preserving meat and the production of meat products representing the largest weight (24%) decreased by 1.1%, while the manufacture of beverages, the second most significant group fell to the highest degree, by 6.1%. Out of the groups the processing and preserving of fish, crustaceans and mollusks having a very small weight grew the most, reaching an output more than seven times larger than in the previous year, however, the manufacture of vegetable and animal oils and fats also increased significantly, by 24%.
• Among the subsections the manufacture of electrical equipment having medium weight grew at the highest rate, by 35%, mainly due to the expansion in the manufacture of batteries and accumulators connected with the manufacture of transport equipment.
• Out of the other two medium-weight representing subsections the manufacture of rubber and plastics products, and other non-metallic mineral products rose by 7.1%, at the same time the manufacture of basic metals and fabricated metal products dropped by 4.8% year-on-year.
• The manufacture of machinery and equipment n.e.c having a smaller weight rose by 15.4%, primarily owing to a favorable tendency in export demand, however domestic sales declined.
• The rate of growth accelerated in the manufacture of chemicals and chemical products. The December output went up by 14.6%, mainly due to the manufacture of plastics in primary forms.
• The manufacture of textiles, wearing apparel, leather and related products representing the smallest weight fell the most, by 12.5%, decreases were measured in the majority of classes.