Industrial Production: an Annual Increase of 9.4%

In May this year, the volume of industrial production in Hungary grew by 9.4% year-on-year, according to data published by the country’s Central Statistical Office.

Based on working-day adjusted data, production rose by 3.4%. As for the significant difference, the Office points out that it is due to the fact that there were two more working days in May 2022 than in the same month of the previous year, .

According to seasonally and working-day adjusted data, industrial output was 1.4% higher this May than in April 2022.

Most of the manufacturing subsections contributed to the production growth. The manufacturing of computers, electronics, optical goods and the segment of food, beverages and tobacco products both expanded above the average.

The volume of production also grew in the largest weight representing subsections compared to the previous year: the manufacture of transport equipment increased to a lesser degree, the manufacture of computer, electronic and optical products as well as the manufacture of food products, beverages and tobacco products rose to a greater extent.

In the first five months of this year, the volume of production was 5.9% higher than in the same period of 2021.