Industrial production decreased by 5.8%
The volume of industrial production declined in November 2023 by 5.8%, year-on-year. Based on working-day adjusted data production fell by 5.6%. Production dropped in the great majority of the manufacturing subsections, output increased only in two subsections. According to seasonally and working-day adjusted data industrial output was 2.3% lower than in October 2023.
In November 2023:
The volume of industrial production decreased by 5.8% compared to the same period of the previous year. (Compared to the November data published in the first estimate, the data in the second estimate did not change.)
Industrial output in November – according to seasonally and working-day adjusted indices – was 2.3% below the level of the previous month.
The volume of industrial export was 5.7% lower than a year earlier. Transport equipment export, representing a 34% weight within export sales in manufacturing declined by 1.8%, the manufacture of electrical equipment export, accounting for a 14% weight, dropped by 5.7%.
Domestic sales of industry fell by 8,7%, those of manufacturing decreased by 3.9% compared to the same month of the previous year.
Within industry, manufacturing output, which accounts for a decisive share in industry (95%), declined by 5.0%, that of mining and quarrying, having a small weight, fell by 36%, production in energy industry (electricity, gas, steam and air conditioning supply) dropped by 10.7%.
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 the previous year = 100.0 | ||||||
| 2021 | 109.0 | 107.5 | 111.3 | 106.1 | 72.2 | |
| 2022 | 106.2 | 106.2 | 100.2 | 108.8 | 71.5 | |
| 2023 | January | 100.8 | 100.5 | 88.4 | 105.4 | 74.6 |
| February | 95.4 | 97.5 | 89.4 | 100.8 | 74.0 | |
| March | 97.1 | 99.2 | 87.3 | 104.4 | 73.3 | |
| April | 92.2 | 94.0 | 84.5 | 98.2 | 72.4 | |
| May | 95.0 | 98.5 | 88.6 | 102.7 | 73.0 | |
| June | 100.0 | 102.8 | 91.7 | 107.4 | 73.6 | |
| July | 97.8 | 99.8 | 94.2 | 102.2 | 72.0 | |
| August | 95.3 | 95.0 | 91.1 | 96.6 | 71.2 | |
| September | 93.9 | 95.4 | 93.8 | 96.0 | 73.3 | |
| October | 98.0 | 98.9 | 100.9 | 98.1 | 71.8 | |
| November | 95.0 | 94.9 | 96.1 | 94.4 | 71.9 | |
| From the beginning of the year | 96.4 | 97.8 | 91.4 | 100.5 | 72.8 | |
The manufacture of transport equipment, representing 27% of the manufacturing production (having the largest weight), decreased by 1.7%. compared to the same month of the previous year. Motor vehicles manufacturing grew by 3.3%, at the same time the manufacture of parts and accessories for motor vehicles declined by 4.9%.
The manufacture of electrical equipment, having a 11% weight in manufacturing, lagged behind the most, by 12.2% year-on-year, out of the subsections, the last time a fall being recorded in this case in May 2020. Out of the two largest weight representing groups the volume in manufacture of batteries and accumulators rose by 0.3%, 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 10% within manufacturing, declined by 0.8% compared to the same month of the previous year. Out of the two largest groups, the manufacture of electronic components and boards dropped by 8.9%, the manufacture of consumer electronics decreased by 2.1%.
The manufacture of food products, beverages and tobacco products, having a 13% share in manufacturing, was 7.7% lower year-on-year, sales fell in both directions. Output grew in five groups, between 0.9% and 25%, at the highest rate in the manufacture of vegetable and animal oils and fats. Processing and preserving meat and the production of meat products, representing the largest weight (23%), dropped by 11.6% compared to the same month of the previous year. Production decreased between 5.1% and 26% in the other five groups, least of all in the manufacture of grain mill products, starches and starch products, to the greatest extent in the manufacture of other food products, including the manufacture of sugar.
The manufacture of coke, and refined petroleum products grew at the highest rate, by 18.7%, the effect of the low base also played a role in the growth.
The decreasing trend has been interrupted in the manufacture of chemicals and chemical products, output rose in November by 3.1%. The last increase in this subsection was recorded in March 2022.
Out of the two medium-weight representing subsections the manufacture of rubber and plastics products, and other non-metallic mineral products fell by 12.0%, the manufacture of basic metals and fabricated metal products declined by 7.2% compared to the same month of the previous year.
Changes in production in the major subsections of manufacturing, November 2023
(%)
| 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 | 92.3 | 12.7 |
| CG | Manufacture of rubber and plastics products, and other non-metallic mineral products | 88.0 | 7.7 |
| CH | Manufacture of basic metals and fabricated metal products, except machinery and equipment | 92.8 | 7.2 |
| CI | Manufacture of computer, electronic and optical products | 99.2 | 10.1 |
| CJ | Manufacture of electrical equipment | 87.8 | 10.7 |
| CL | Manufacture of transport equipment | 98.3 | 27.1 |
Industrial production grew only in Pest region (by 1.9%). In the other regions volume decreases between 0.1% and 14.0% were recorded, the highest one in Northern Hungary.
The volume of total new orders in the observed divisions of manufacturing was 8.4% lower compared to November 2022. New domestic orders declined by 11.9%, new export orders dropped by 7.8%. The total stock of orders at the end of November was below the previous year’s level by 9.4 %.
In January–November 2023, compared to the same period of the previous year:
Industrial production decreased by 4.8%. The volume of export sales, representing 60% of all sales declined by 2.4%, domestic sales accounting for 40% of all sales fell by 15.1%.
Out of the thirteen subsections of manufacturing production decreased in ten, to the greatest extent, by 18.4%, in the manufacture of rubber and plastics products, and other non-metallic mineral products. In the other three production volume rose between 5.8% and 12.5%, mostly in the manufacture of electrical equipment; the output in the manufacture of transport equipment, considered to be the largest subsection, went up by 9.9%.