Hungary

Industrial Production Decline Confirmed by Statistical Data

Industrial production in Hungary experienced a significant decline in November 2024, with a 4.2 percent decrease compared to the same month in the previous year. However, when adjusted for working-day effects, the decline was 2.9 percent, according to the Hungarian Central Statistical Office (KSH).

The manufacturing sector, which makes up 95 percent of the industry, saw a 5.1 percent decrease in output compared to November 2023. The volume of industrial exports also decreased by 2.5 percent, with notable declines in the exports of motor vehicles and computer-related products.

Domestic industrial sales were 1.7 percent lower, with manufacturing sales experiencing a 6.8 percent decrease. The report highlighted a 13.5 percent decline in vehicle manufacturing output, the largest among subsectors, while the manufacture of electronic components fell by 18.6 percent.

Despite these declines, the output of coke and refined petroleum products saw a significant increase of 25 percent compared to November 2023, primarily driven by higher foreign sales. Overall, industrial production in Hungary fell by 3.9 percent in the period of January to November 2024.

Inflation also played a significant role, with prices in Hungary rising by an average of 3.7 percent in 2024 compared to the previous year. In December 2024, consumer prices were 4.6 percent higher than the previous year, with notable increases in food prices, services, and vehicle fuels.

The Ministry for National Economy stated that the government had fulfilled its commitment to reduce inflation and projected a further decrease to 3.2 percent in 2025. Despite these challenges, the government remains optimistic about future economic growth and stability in Hungary.

 

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