As indicated by the recent data from the Hungarian Central Statistical Office, Hungary experienced a significant drop in its industrial production in December as per the initial estimations.
The volume of industrial production saw a working-day-adjusted 8.7 percent annual decrease during December, marking a faster decline compared to the 5.3 percent decrease observed in the previous month. This is consistent with the preliminary report that was published on February 6.
A decrease in production was observed in the majority of manufacturing subsections, as reported by the agency. The manufacturing of electrical equipment experienced the highest annual slump of 23.0 percent in December, followed by a 17.0 percent drop in the manufacturing of computer, electronic, and optical products.
On an unadjusted basis, the annual industrial output for December plummeted 13.7 percent, compared to a 5.8 percent decrease seen a month earlier as initially estimated.
Considering the entirety of 2023, the volume of industrial production was 5.5 percent lower than in 2022.
