Friday, Sep 6, 2024. 17:30

Industrial Production Drops in July Amid Sectoral Weakness

Hungary's industrial production fell by 1.3% in July 2024 compared to the same month last year, according to data from the Central Statistical Office (KSH).

On a working-day adjusted basis, production plummeted by 6.4%, reflecting the impact of two additional working days in July 2024 compared to July 2023.

The decline was driven by a downturn in key sectors, including the manufacture of transport equipment, electrical equipment, and computer, electronic, and optical products. However, there was growth in the manufacture of food products, beverages, and tobacco, offering some resilience in an otherwise challenging month for industrial production.

Seasonally and working-day adjusted data showed that industrial output remained unchanged from June 2024.

For the first seven months of 2024, industrial output was down by 3% compared to the same period in 2023.

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