Industrial Production Down on Last Month but Up Y/Y

In October 2022, the volume of industrial production grew by 5.9% year-on-year in Hungary. Based on working-day adjusted data production rose by 5.1%, the Central Statistical Office reports.

The volume of production increased in the majority of the manufacturing subsections, at the highest rate in the manufacture of electrical equipment. According to seasonally and working-day adjusted data industrial output was 3.5% lower than in September 2022.

In October 2022:
The volume of industrial production rose by 5.9% compared to the same period of the previous year. (Compared to the October data published in the first estimate, the data in the second estimate did not change.)

Industrial output in October – according to seasonally and working-day adjusted indices – was 3.5% below the level of the previous month.

The volume of industrial export was 13.9% higher than a year earlier. Transport equipment export, representing a 32% weight within export sales in manufacturing grew by 37%, the export in manufacture of computer, electronic and optical products accounting for a 15% weight, increased by 16.1%.

Industrial domestic sales declined by 3.3%, domestic sales in manufacturing were 9.1% lower compared to the same month of the previous year.

Within industry, production increased by 6.4% in the decisive weight (95%) representing manufacturing, and it rose by 3.3% in the small weight representing mining and quarrying, at the same time the output of energy industry (electricity, gas, steam and air-conditioning supply) dropped by 3.7%

The largest weight carrying manufacture of transport equipment representing 25% of manufacturing, surpassed by 32% the previous year’s data. The volume of motor vehicles manufacturing, as well as the manufacture of parts and accessories for motor vehicles, grew both by 33%.

The manufacture of computer, electronic and optical products accounting for 11% of manufacturing increased by 20% compared to the same month of the previous year. Out of the two largest groups the manufacture of electronic components and boards went up by 18.9%, the manufacture of consumer electronics rose by 10.6%.

The manufacture of food products, beverages and tobacco products having a 13% share in manufacturing fell by 1.1%, as a result of a decrease in both domestic and export sales. A decline was recorded last time in February 2021 in this subsection. The processing and preserving meat and the production of meat products representing the largest weight (23%) dropped by 7.0% year-on-year. Besides, output decreased in four more groups: the manufacture of grain mill products, starches and starch products fell the most, by 19.2%. The production increased between 0.1 and 17.9% in the other groups, the manufacture of other food products containing the manufacture of sugar, too, went up to the greatest extent.

Out of the subsections the manufacture of electrical equipment grew at the highest rate, by 57%. Out of the two most significant weight carrying groups the manufacture of batteries and accumulators went up by 128%, the manufacture of electric motors, generators, transformers and electricity distribution and control apparatus rose by 60%.

Out of the two medium-weight representing subsections the manufacture of rubber and plastics products, and other non-metallic mineral products declined by 6.6%, the manufacture of basic metals and fabricated metal products dropped by 16.3% compared to the same month of the previous year.

The growth continued in the smaller weight carrying manufacture of basic pharmaceutical products and pharmaceutical preparations: the volume of production was 12.5% higher than in the same month of 2021, sales increased in both sales directions.

As in the previous month, the manufacture of coke, and refined petroleum products fell significantly in October, too, by 28%, year-on-year.

The manufacture of chemicals and chemical products. dropped at the highest rate, by 31%, year-on-year, primarily owing to the considerable fall in the manufacture of plastics in primary forms and the manufacture of fertilisers and nitrogen compounds.