Industrial production decreased by 5.3%, however, the manufacture of transport equipment, having the largest weight, grew by 4.6%
The volume of industrial production declined in August 2023 by 5.3%, year-on-year. Based on working-day adjusted data production fell by 6.1%. Production dropped in the majority of the manufacturing subsections, at the same time production volume grew in the largest weight carrying manufacture of transport equipment, and that of electrical equipment. According to seasonally and working-day adjusted data industrial output was 2.4% lower than in July 2023.
In August 2023:
The volume of industrial production decreased by 5.3% compared to the same period of the previous year. (Compared to the August data published in the first estimate, the data in the second estimate did not change.)
Industrial output in August – according to seasonally and working-day adjusted indices – was 2.4% below the level of the previous month.
The volume of industrial export was 8.1% lower than a year earlier. Transport equipment export, representing a 31% weight within export sales in manufacturing grew by 1.1%, the manufacture of electrical equipment export, accounting for a 16% weight, went up by 19.8%.
Domestic sales of industry fell by 17.6%, those of manufacturing decreased by 9.0% compared to the same month of the previous year.
Within industry, manufacturing output, which accounts for a decisive share in industry (95%), declined by 4.7%, that of mining and quarrying, having a small weight, fell by 33%, production in energy industry (electricity, gas, steam and air conditioning supply) dropped by 16.5%.
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 | 100.6 | 88.5 | 105.4 | 74.6 |
| February | 95.4 | 97.6 | 89.4 | 100.8 | 74.0 | |
| March | 97.0 | 99.2 | 87.1 | 104.4 | 73.4 | |
| April | 92.3 | 94.1 | 84.5 | 98.3 | 72.4 | |
| May | 95.0 | 98.6 | 88.7 | 102.8 | 73.0 | |
| June | 99.2 | 102.1 | 91.3 | 106.6 | 73.6 | |
| July | 97.7 | 99.6 | 93.5 | 102.2 | 72.2 | |
| August | 95.3 | 94.9 | 91.0 | 96.6 | 71.2 | |
| From the beginning of the year | 96.6 | 98.3 | 89.2 | 102.2 | 73.1 | |
The manufacture of transport equipment, representing 23% of the manufacturing production (having the largest weight), increased by 4.6%. compared to the same month of the previous year. Motor vehicles manufacturing grew by 4.3%, the manufacture of parts and accessories for motor vehicles rose by 3.7%.
The manufacture of electrical equipment, having a 12% weight in manufacturing, was 15.8% higher year-on-year. Out of the two largest weight representing groups the manufacture of batteries and accumulators went up by 39%, the manufacture of electric motors, generators, transformers and electricity distribution and control apparatus declined by 10.0%.
The manufacture of computer, electronic and optical products, accounting for 10% within manufacturing, decreased by 11.2% compared to the same month of the previous year. Out of the two largest groups, the manufacture of electronic components and boards fell by 11.5%, the manufacture of consumer electronics dropped by 13.4%.
The manufacture of food products, beverages and tobacco products, having a 14% share in manufacturing, declined by 10.1% year-on-year, with sales falling in both directions. Output grew in only three groups (between 5.4% and 14.7%) Processing and preserving meat and the production of meat products, representing the largest weight (22%), dropped by 13.4% year-on-year. Production decreased between 5.5% and 46% in the other seven groups, least of all in the manufacture of vegetable and animal oils and fats, to the greatest extent in the small weight representing processing and preserving of fish, crustaceans and molluscs.
Out of the two medium-weight representing subsections the manufacture of rubber and plastics products, and other non-metallic mineral products fell by 16.2%, the manufacture of basic metals and fabricated metal products declined by 3.8% compared to the same month of the previous year.
The rate of decrease slackened in the manufacture of coke, and refined petroleum products: the output dropped 10.0% in August, first of all owing to a decrease in domestic sales, while export sales rose.
The manufacture of basic pharmaceutical products and pharmaceutical preparations lagged behind the most, by 16.5% compared to a year earlier, due to a fall in both domestic and export sales.
Changes in production in the major subsections of manufacturing, August 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 | 89.9 | 14.3 |
| CG | Manufacture of rubber and plastics products, and other non-metallic mineral products | 83.8 | 8.0 |
| CH | Manufacture of basic metals and fabricated metal products, except machinery and equipment | 96.2 | 7.8 |
| CI | Manufacture of computer, electronic and optical products | 88.8 | 10.1 |
| CJ | Manufacture of electrical equipment | 115.8 | 12.3 |
| CL | Manufacture of transport equipment | 104.6 | 23.4 |
Industrial production grew in Pest region (by 4.2%), and the Southern Great Plain (by 1.2%). In the other regions volume decreases between 0.4% and 12.3% were recorded, the highest one in Northern Hungary.
The volume of total new orders in the observed divisions of manufacturing was 3.9% lower compared to August 2022. New domestic orders dropped by 7.6%, new export orders declined by 3.3%. The total stock of orders at the end of August was above the previous year’s level by 3.5%.
In January–August 2023, compared to the same period of the previous year:
Industrial production decreased by 4.6%. The volume of export sales, representing 60% of all sales declined by 1.4%, domestic sales accounting for 40% of all sales fell by 16.5%.
Out of the thirteen subsections of manufacturing production decreased in nine, to the greatest extent, by 23%, in the manufacture of chemicals and chemical products. In the other four production volume rose between 0.6% and 18.7%, mostly in the manufacture of electrical equipment, the output in the manufacture of transport equipment, considered to be the largest subsection, went up by 13.3%.