Industrial Production Up, Construction Output Down

In December 2022, the volume of industrial production grew by 2.0% while construction output volume decreased by 3.9% – both year-on-year – in Hungary, the country Central Statistical Office (KSH) reports.

While the annual growth figure of industrial production was 2.0%, based on working-day adjusted data, production rose by 5.7%. As KSH explains, compared to crude data, the significant difference is due to the fact that there were two less working-days in December 2022 than in December 2021.

The volume of production declined in the majority of the manufacturing subsections, out of the increasing ones, however, the manufacture of electrical equipment grew the most. According to seasonally and working-day adjusted data, industrial output was 3.8% higher than in November 2022.

In 2022, the volume of industrial production increased by 5.8% compared to 2021.

As for construction output volume, it decreased by 3.9% year-on-year and by 3.7% compared to November

According to raw data the volume of construction output in December 2022 lagged behind the previous year’s level by 3.9%. Out of the main groups of construction the construction of buildings increased by 1.1%, that of civil engineering decreased by 12.7%.

Based on seasonally and working day adjusted indices construction output was below the November level by 3.7%. In 2022 construction output surpassed that of 2021 by 3.0%. In the year as a whole, construction producer prices – due to significant price hikes of certain construction materials – were 24.5% higher on average than in the previous year.