Industrial production increased by 1.8%
The volume of industrial production grew in February 2024 by 1.8%, year-on-year. Based on working-day adjusted data production rose by 1.4%. Production increased in the majority of the manufacturing subsections, with the largest growth in the manufacture of food products, beverages and tobacco products. According to seasonally and working-day adjusted data industrial output was 3.5% higher than in January 2024.
In February 2024:
The volume of industrial production increased by 1.8% compared to the same period of the previous year. (Compared to the February data published in the first estimate, the data in the second estimate did not change.)
Industrial output in February – according to seasonally and working-day adjusted indices – was 3.5% above the level of the previous month.
The volume of industrial export was 1.4% higher than a year earlier. Transport equipment export, representing a 34% weight within export sales in manufacturing rose by 2.3%, the manufacture of electrical equipment export, accounting for a 14% weight, dropped by 8.8%.
Domestic sales of industry declined by 2.6%, those of manufacturing increased by 0.9% compared to the same month of the previous year.
Within industry, production grew by 1.8% in the decisive weight (97%) representing manufacturing, output rose by 15.3% in the small weight representing mining and quarrying; it decreased by 7.6% in the energy industry (electricity, gas, steam and air-conditioning supply).
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 | ||||||
| 2022 | 106.2 | 106.2 | 100.2 | 108.8 | 71.5 | |
| 2023 | 95.7 | 97.2 | 91.9 | 99.4 | 72.6 | |
| 2024 | January | 95.6 | 95.1 | 99.3 | 93.6 | 73.6 |
| February | 101.8 | 100.7 | 100.9 | 100.7 | 74.4 | |
| From the beginning of the year | 98.7 | 98.0 | 100.1 | 97.2 | 74.0 | |
The manufacture of transport equipment, representing 28% of the manufacturing production (having the largest weight), increased by 1.6% compared to the same month of the previous year. Motor vehicles manufacturing grew by 2.3%, the manufacture of parts and accessories for motor vehicles rose by 0.1%.
The manufacture of electrical equipment, having a 11% weight in manufacturing, declined by 0.8% year-on-year. Out of the two largest weight representing groups the volume in manufacture of batteries and accumulators rose by 6.0%, the manufacture of electric motors, generators, transformers and electricity distribution and control apparatus fell by 19.9%.
The manufacture of computer, electronic and optical products, accounting for 9% within manufacturing output, decreased by 1.5% compared to the same month of the previous year. Out of the two largest groups, the manufacture of electronic components and boards dropped by 14.3%, the manufacture of consumer electronics fell by 10.7%.
The manufacture of food products, beverages and tobacco products, having a 12% share in manufacturing, grew at the highest rate, among of the subsections, by 10.3% year-on-year, due to an increase in both domestic and export sales. Processing and preserving meat and the production of meat products, representing the largest weight (23%), went up by 11.7% compared to the same month of the previous year. Production increased between 0.6% and 22% in other eight groups, to the greatest extent in the manufacture of tobacco products, least of all in the manufacture of beverages. Output declined only in two groups: in the manufacture of other food products, – including manufacture of cocoa, chocolate and sugar confectionery and manufacture of prepared meals and dishes – by 0.8%; and in the small weight representing processing and preserving of fish, crustaceans and molluscs, by 8.0%.
Unlike the decline in the previous month, the manufacture of pharmaceuticals, medicinal chemical and botanical products grew in February by 6.5%compared to the same month of the previous year.
Out of the two medium-weight representing subsections, the manufacture of rubber and plastics products, and other non-metallic mineral products rose by 1.4%, the manufacture of basic metals and fabricated metal products grew by 2.7% compared to the same month of the previous year.
A decrease continued in the manufacture of machinery and equipment n.e.c.: the volume declined by 7.5% in February, sales dropped in both directions.
Changes in production in the major subsections of manufacturing, February 2024
(%)
| 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 | 110.3 | 11.6 |
| CG | Manufacture of rubber and plastics products, and other non-metallic mineral products | 101.4 | 7.5 |
| CH | Manufacture of basic metals and fabricated metal products, except machinery and equipment | 102.7 | 7.3 |
| CI | Manufacture of computer, electronic and optical products | 98.5 | 9.4 |
| CJ | Manufacture of electrical equipment | 99.2 | 11.2 |
| CL | Manufacture of transport equipment | 101.6 | 27.6 |
Industrial production declined only in Northern Hungary (by 5.0%) and in the Northern Great Plain (by 5.9%). In the other regions volume increases between 1.0% and 11.5% were recorded, the highest one in Southern Transdanubia.
The volume of total new orders in the observed divisions of manufacturing was 24% higher compared to February 2023. New domestic orders rose by 1.0%, new export orders went up by 28%. The total stock of orders at the end of February was below the previous year’s level by 19.6%.
In January–February 2024, compared to the same period of the previous year:
Industrial production decreased by 0.9%. The volume of export sales, representing 61% of all sales dropped by 2.3%, domestic sales accounting for 39% of all sales fell by 1.8%.
Out of the thirteen manufacturing subsections production declined in seven, to the greatest extent, by 11.7% in the manufacture of machinery and equipment n.e.c. The output of the manufacture of transport equipment, the largest subsection, dropped by 1.3%. In the other subsections volume rose between 0.1% and 9.6%, at the highest rate in the manufacture of coke, and refined petroleum products.