Industrial production decreased by 5.6%
In March 2020 the volume of industrial production declined by 5.6% year-on-year. Based on working-day adjusted data, production fell by 10.0%. The economic effects caused by the coronavirus epidemic were already significant in this period.
In March 2020:
The volume of industrial production decreased by 5.6% compared to the same period of the previous year. (Compared to the March data published in the first estimate, the data in the second estimate did not change.)
Industrial output in March – according to seasonally and working-day adjusted indices – was 10.4% below the level of the previous month.
The volume of industrial export dropped by 8.1% year-on-year. Transport equipment export, representing a 32% weight within export sales in manufacturing fell by 22%; the export in manufacture of computer, electronic and optical products accounting for a 17% weight declined by 1.8%.
Industrial domestic sales decreased by 0.8%, within it domestic sales in manufacturing were 1.9% lower compared to the same month of the previous year.
Within industry production declined by 5.7% in the decisive weight (95%) representing manufacturing, while it dropped by 27% in the small weight representing mining and quarrying. The output of energy industry (electricity, gas, steam and air-conditioning supply) rose by 5.4%
Changes in the production and sales of manufacturing
(%)
| Period | Production | Total | Domestic | Export | Share of export in sales at current prices | |
|---|---|---|---|---|---|---|
| sales | ||||||
| Volume index, corresponding period of previous year = 100.0 | ||||||
| 2018 | 103.5 | 103.2 | 109.2 | 101.1 | 72.9 | |
| 2019 | 105.5 | 106.3 | 106.7 | 106.2 | 72.4 | |
| 2020 | January | 103.5 | 102.7 | 95.7 | 105.1 | 75.9 |
| February | 104.1 | 104.2 | 99.9 | 105.6 | 75.6 | |
| March | 94.3 | 93.2 | 98.1 | 91.6 | 73.1 | |
| From the beginning of the year | 100.4 | 99.8 | 97.9 | 100.4 | 74.9 | |
Contrary to the increase in the previous month the manufacture of transport equipment representing 26% of the manufacturing output, having the largest weight fell by 19.8% year-on-year. The volume of motor vehicles manufacturing dropped by 28%, while the manufacture of parts and accessories for motor vehicles declined by 13.1%.
The manufacture of computer, electronic and optical products accounting for 13% of manufacturing grew by 1.7%. Out of the two largest groups the more significant one, the manufacture of electronic components and boards went up by 91%, at the same time the smaller weight carrying one, the manufacture of consumer electronics decreased by 2.2%.
The manufacture of food products, beverages and tobacco products having a 12% share in manufacturing went up considerably, by 12.7% compared to the same month of the previous year, with increases measured in both sales directions. The processing and preserving meat and the production of meat products representing the largest weight (25%) rose by 4.7%, while the manufacture of beverages, the second most significant group grew by 8.2%. The manufacture of vegetable and animal oils and fats increased outstandingly, by 52%. The production declined in one group only, in the small weight carrying manufacture of tobacco products, by 19.2%.
Out of the medium-weight representing subsections the manufacture of rubber and plastics products, and other non-metallic mineral products decreased by 1.3%, the manufacture of basic metals and fabricated metal products dropped by 6.7% year-on-year.
The manufacture of electrical equipment having a smaller weight grew at the highest rate among the subsections: by 31%, mainly due to an expansion in manufacture of accumulators connected with the manufacture of transport equipment.
The decreasing tendency continued in the manufacture of chemicals and chemical products: output declined by 5.4% in March, owing to a fall in the significant weight carrying manufacture of plastics in primary forms.
Similarly to the previous month the manufacture of coke, and refined petroleum products fell the most year-on-year, by 38%, first of all owing to a drop in both export and domestic demand.
Changes in production in the major subsections of manufacturing, March 2020
(%)
| Subsections | Volume indices of production, corresponding period of the previous year = 100.0 | Share of subsection within manufacturing at current prices | |
|---|---|---|---|
| code | denomination | ||
| CA | Manufacture of food products, beverages and tobacco products | 112.7 | 12.1 |
| CG | Manufacture of rubber and plastics products, and other non-metallic mineral products | 98.7 | 9.0 |
| CH | Manufacture of basic metals and fabricated metal products, except machinery and equipment | 93.3 | 8.2 |
| CI | Manufacture of computer, electronic and optical products | 101.7 | 13.0 |
| CJ | Manufacture of electrical equipment | 130.7 | 6.5 |
| CL | Manufacture of transport equipment | 80.2 | 26.4 |
Industrial production increased only in Pest region (10.1%), Southern Transdanubia (by 5.0%), and the Northern Great Plain (by 3.3%). In the other regions volume decreases between 3.0% and 16.5% were recorded, the highest one in Western Transdanubia.
Total new orders volume in the observed divisions of manufacturing fell by 10.1% compared to March 2019. New domestic orders grew by 1.6%, at the same time new export orders dropped by 11.9%. The total stock of orders at the end of March was below the previous year’s level by 6.5%.
In January–March 2020, compared to the same period of the previous year:
Industrial production increased by 0.1%. The volume of export sales representing 64% of all sales rose by 0.4%, domestic sales accounting for 36% of all sales declined by 2.0%.
Industrial output fell in three regions, to the largest degree by 7.9%, in Budapest. The highest volume growth was observed in Pest region (11.4%), in the other regions volume increases between 0.8% and 7.4% were measured.