Industrial Production Down by 2.6% Y-on-Y in Hungary

The volume of industrial production declined in Hungary in July 2023 by 2.6%, year-on-year. Based on working-day adjusted data production fell by 2.5%. Production dropped in the majority of the manufacturing subsections, the country's Central Statistical Office Reports.

At the same time production volume grew in the largest weight carrying manufacture of transport equipment, and that of electrical equipment. According to seasonally and working-day adjusted data industrial output was 2.8% higher than in June 2023.

In July 2023:
The volume of industrial production decreased by 2,6% compared to the same period of the previous year. (Compared to the July data published in the first estimate, the data in the second estimate did not change.)

Industrial output in July – according to seasonally and working-day adjusted indices – was 2.8% above the level of the previous month.

The volume of industrial export was 2.2% lower than a year earlier. Transport equipment export, representing a 35% weight within export sales in manufacturing grew by 15.9%, the export in manufacture of electrical equipment, accounting for a 14% weight, went up by 10.6%.

Domestic sales of industry fell by 11.0%, those of manufacturing decreased by 6.5% compared to the same month of the previous year.

Within industry, manufacturing output, which accounts for a decisive share in industry (95%), declined by 2.3%, that of mining and quarrying, having a small weight, fell by 35%, production in energy industry (electricity, gas, steam and air conditioning supply) dropped by 21%.