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In November 2024, industrial production was 4.2 percent below its level than a year earlier, or 2.9 percent adjusted for working-day effects. The vast majority of manufacturing sub-sectors saw a decline in output, confirmed the latest data published by the Hungarian Central Statistical Office (KSH) on Tuesday.
In November last year, compared with November 2023, the output of manufacturing, that accounts for the majority (95 percent) of industry, fell by 5.1 percent. The volume of industrial exports was 2.5 percent lower than a year earlier. Exports of motor vehicles, that account for 31 percent of manufacturing exports, fell by 17.3 percent, and exports of computer, electronic and optical products, that account for 13 percent, fell by 1.3 percent.
Domestic industrial sales were 1.7 percent lower and manufacturing 6.8 percent lower than in the same month a year earlier.
The volume of vehicle manufacturing, accounting for 25 percent of manufacturing output, fell by 13.5 percent, the largest of all subsectors, compared with the same month a year earlier.
Among the two largest sub-sectors, the manufacture of electronic components fell by 18.6 percent, while the manufacture of computer peripheral equipment expanded by 22 percent.
Food, beverage and tobacco products manufacturing (accounting for 13 percent) declined 2.1 percent from the same month a year earlier, with both domestic and foreign sales falling.
Output of coke and refined petroleum products rose the most, by 25 percent compared with November 2023, mainly due to an increase in sales to foreign markets, while domestic sales fell.
The report found that industrial production fell by 3.9 percent in January-November 2024. The volume of foreign sales, which accounted for 62 percent of total sales, declined by 3.7 percent, while domestic sales, which accounted for 38 percent, fell by 2.7 percent.
At the start of the week, Eurostat, the statistical office of the European Union, published industrial production figures for the EU. In November last year, compared with November 2023, industrial production decreased by 1.7% in the EU, according to first estimates from Eurostat. In November 2024, compared with October 2024, seasonally adjusted industrial production increased by 0.1% the EU.
Euro area #IndustrialProduction up by 0.2% in November 2024 over October 2024, -1.9% over November 2023 https://t.co/wY3LbOjQ1j pic.twitter.com/NniWbXuFvF
— EU_Eurostat (@EU_Eurostat) January 15, 2025
KSH also released its latest inflation data on Tuesday. According to the report,
prices rose by an average of 3.7 percent last year compared to the previous year.
In December 2024, consumer prices were on average 4.6 percent higher than a year earlier. Food prices increased by 5.4 percent over 12 months compared to December 2023. Services rose by 6.8 percent, while the price of spirits and tobacco increased by 4.3 percent. The price of medicines and pharmaceuticals rose by 3.1 percent, and vehicle fuels by 8.3 percent.
In one month, compared to November 2024, consumer prices increased by 0.5 percent on average. While the average price of food increased by only 0.4 percent, the average price of vehicle fuels rose by 2.2 percent and the average price of household energy by 1.7 percent.
According to a statement from the Ministry for National Economy, the government has fulfilled its commitment to bring inflation down. They added that inflation in Hungary will fall further to 3.2 percent in 2025.
Via MTI, Eurostat; Featured image: Facebook/BMW Group Gyár Debrecen