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Industrial output down 3.2 percent in October

The volume of industrial production dropped in October 2023 by 3.2% year-on-year. Based on working-day adjusted data, production declined by 2.8%. According to seasonally and working-day adjusted data, industrial output was 0.6% lower than in September 2023.

Output in the manufacture of transport equipment, having the largest weight, as well as that of electrical equipment increased, at the same time the volume of production dropped in the majority the manufacturing subsections, among them it declined in the manufacture of computer, electronic and optical products, as well as in that of food products, beverages and tobacco products.

In the first ten months of the year industrial production was 4.7% lower than in the same period of 2022.

Industrial output in October – according to seasonally and working-day adjusted indices – was 0.6% below the level of the previous month.

Commenting on the data, a state secretary of the economic development ministry noted the connection between industrial output and domestic consumption. Industry would rally again once consumption levels are back up, Gergely Fabian said. Single-digit inflation, the consolidation of real wages in September, and the fact that the minimum wage and degree holders’ minimum wage have grown by 10 and 15 percent, respectively, in December, will aid that trend, he said.

“The output of future-oriented sectors such as vehicle manufacturing and high-tech battery production is constantly growing, and that is promising,” Fabian said.

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