Industry

Statistics on industry comprises three sections (mining and quarrying, manufacturing, energy industry). Extraction of natural minerals, transformation of basic materials and products into new products, electricity, gas, steam, hot water supply are defined as industrial activities. Beside industry significantly influencing economic performance, the division group also has an important role in employment. Industrial statistics offers information – beside production data – about sales directions (domestic and export sales) as well as about orders relating to industrial products and services and their change over time.

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Industrial production decreased by 2.6%, however, the manufacture of transport equipment having the largest weight grew by 14.4%, Industry, July 2023 (second estimate)

The volume of industrial production declined in July 2023 by 2.6%, year-on-year. Based on working-day adjusted data production fell by 2.5%. 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 2.8% higher than in June 2023.

Hungary, 2023 Q1

The performance of the Hungarian economy lagged behind the one year earlier level by 0.9% in the 1st quarter of 2023. The January – March 2023 natural decrease of the population amounted to 14 thousand people, 27% less than one year earlier. The decrease is mostly due to the lower mortality. The hike of consumer prices was 25% in the first four months, compared to the same period of 2022, the 42% increase in food prices contributed the most to the rise in prices.

Hungary, 2022

The processes taken place in 2022 were mainly determined by the uncertain global environment due to the Russia-Ukraine war and the general and considerable price increases worldwide. Despite these challenges, the Hungarian economy's performance expanded by 4.6% year-on-year, above the EU average. Employment reached a new record high and average earnings rose significantly, but the impact of this was gradually eroded by surging inflation. Population decline continued at a lower pace than in the previous year.

Industrial production stagnated in the EU

Industrial production in the European Union surpassed since November 2020 almost every month, for two years in a row, the previous year’s level; since December 2022, however, a wavering period started. The April 2023 output was basically the same year-on-year. Production volume lessened in the majority of the Member States, in our country, too; at the same time in Germany, having the largest industrial performance and in France, also carrying a significant weight, production volume grew.