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October Manufacturing Insights: Vehicle Production and Electrical Equipment Grows

MTI-Hungary Today 2023.12.13.

In October, production volumes witnessed an increase in vehicle manufacturing and the production of electrical equipment. However, several manufacturing sub-sectors faced declines.

Despite these fluctuations, based on seasonally and working-day adjusted data, industrial output in

October was 0.6 percent lower than in September 2023.

While most sectors experienced a decline, notable exceptions included the export of motor vehicles, constituting 33 percent of sales, which

expanded by 3.6 percent.

Additionally, exports of electrical goods, accounting for 15 percent, increased by 3. Despite these positive trends, the overall amount of industrial exports in October was 1.8 percent lower than the previous year.

Domestic industrial sales faced a notable decline of 8.7 percent.

In contrast, manufacturing sales saw a modest rise of 0.9 percent

compared to the same month a year earlier.

The transport machinery sector, contributing 27 percent to manufacturing output,

exhibited growth by 4.9 percent year-on-year.

This growth was primarily driven by a substantial increase of 11.6 percent in the manufacturing of motor vehicles and a modest uptick of 0.9 percent in the production of components for motor vehicles.

With a manufacturing weight of 12 percent, electrical equipment production recorded a noteworthy increase of 9.0 percent from the previous year. Among the sub-sectors with the largest weights, the volume of batteries and dry cells stood out with a substantial surge of 38 percent.

Inflation Falls to 7.9 Percent
Inflation Falls to 7.9 Percent

Compared with October, prices generally remained stable.Continue reading

Via MTI; Featured Image: Pixabay

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