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industrial production drops by double digits
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Industrial production drops by double digits

In December 2023 the volume of industrial production decreased by 13.7% compared to the same period of the previous year. Industrial output in December – according to seasonally and working-day adjusted indices – was 0.3% below the level of the previous month. The volume of industrial export was 12.0% lower than a year earlier. Transport equipment export, representing a 33% weight within export sales in manufacturing declined by 11.3%, the manufacture of electrical equipment export, accounting for a 13% weight, dropped by 13.9%. Domestic sales of industry fell by 11.7%, those of manufacturing decreased by 2.2% compared to the same month of the previous year. Within industry, manufacturing output, which accounts for a decisive share in industry (94%), declined by 12.5%, that of mining and quarrying, having a small weight, fell by 52%, production in energy industry (electricity, gas, steam and air conditioning supply) dropped by 25%. The manufacture of transport equipment, representing 26% of the manufacturing production (having the largest weight), decreased by 9.0%. compared to the same month of the previous year. Motor vehicles manufacturing fell by 11.1%, the manufacture of parts and accessories for motor vehicles declined by 6.0%. The manufacture of electrical equipment, having a 10% weight in manufacturing, dropped by 23% year-on-year. Out of the two largest weight representing groups the volume in manufacture of batteries and accumulators declined by 12.5%, the manufacture of electric motors, generators, transformers and electricity distribution and control apparatus fell by 41%. The manufacture of computer, electronic and optical products, accounting for 9% within manufacturing, declined by 17.0% compared to the same month of the previous year. Out of the two largest groups, the manufacture of electronic components and boards dropped by 28%, while the manufacture of consumer electronics increased by 12.2%. The manufacture of food products, beverages and tobacco products, having a 14% share in manufacturing, was 10.4% lower year-on-year, sales fell in both directions. Output grew only in three groups, between 4.6% and 17.6%. Processing and preserving meat and the production of meat products, representing the largest weight (24%), dropped by 9.7% compared to the same month of the previous year. Production decreased between 4.9% and 27% in the other seven groups, least of all in the manufacture of beverages, to the greatest extent in the processing and preserving of fruit and vegetables. As in the previous month, the manufacture of coke, and refined petroleum products grew at the highest rate, by 16.4%, first of all due to an increase in domestic sales, while export sales dropped. The growth continued in the manufacture of chemicals and chemical products, too, where production increased in December by 3.9%. Out of the two medium-weight representing subsections the manufacture of rubber and plastics products, and other non-metallic mineral products fell by 21%, the manufacture of basic metals and fabricated metal products declined by 10.9% compared to the same month of the previous year. The manufacture of machinery and equipment n.e.c. lagged behind the most, by 30% compared to a year earlier, the effect of the high base also played a role in the decrease. Industrial production fell in every region compared to the same month of the previous year, the largest volume decrease 19.1%was recorded in the Southern Great Plain, volume declines were measured between 0.6 and 17.4% in the other regions. The volume of total new orders in the observed divisions of manufacturing was 15.7% lower compared to December 2022. New domestic orders declined by 14.5%, new export orders dropped by 15.8%. The total stock of orders at the end of December was below the previous year’s level by 14.1 %. In 2023, compared to the previous year industrial production decreased by 5.5%, following the 6.1% increase of the previous year. Within this, out of the three sections, output declined by 4.3% in manufacturing, by 23% in the energy industry, by 31% in the low weight representing mining and quarrying, compared to 2022. In manufacturing, production value at current prices was approximately HUF 52 thousand billion in 2023. Out of the thirteen subsections of manufacturing production decreased in ten, to the greatest extent, by 18.5%, in the manufacture of rubber and plastics products and other non-metallic mineral products. In the other three production volume rose between 6.4% and 9.3%, mostly in the manufacture of electrical equipment; the output in the manufacture of transport equipment, considered to be the largest subsection, went up by 8.4%. Industrial export sales were 3.2% lower than a year earlier (in 2022, an 8.3% volume increase was measured). Exports accounted for 60% of total industrial sales and for 73% of manufacturing sales. Manufacturing exports declined by 0.6% compared to the previous year, within it the volume of export sales increased by 8.9% in the 33% weight representing manufacture of transport equipment, and the second largest subsection the export in the manufacture of electrical equipment (accounting for 15%), grew the most, by 15.3%. Industrial domestic sales decreased by 14.8%, including a 8.1% domestic sales decline within manufacturing. Domestic sales lagged behind the previous year’s level by 8.6% in the manufacture of food products, beverages and tobacco products, representing the largest weight, 26% of domestic manufacturing sales. Domestic sales of the manufacture of basic metals and fabricated metal products accounting for a 14% weight in domestic manufacturing (the second largest subsection) declined by 2.5 % in 2023. Industrial production grew in Pest region only (by 3.8%). In the other regions volume decreases between 1.8% and 12.0% were recorded, the highest one in Northern Hungary.

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