Hungary Industrial Output Decline Deepens, Retail Sales Fall Slightly

Hungary’s industrial production declined at a faster pace in December, preliminary figures from the Hungarian Central Statistical Office showed on Tuesday.

Separate official data showed that retail sales also continued their declining trend, though marginally at the end of the final quarter.

The volume of industrial production dropped a working-day-adjusted 8.7 percent yearly in December, following a 5.3 percent fall a month ago.

A majority of manufacturing subsections contributed to the decline in production, the agency said.

Output grew in only three subsections, at the highest rate in the manufacture of coke and refined petroleum products.

On a monthly basis, industrial production slid 0.3 percent in December, following a 2.2 percent fall in the previous month.

On an adjusted basis, industrial production plunged 13.7 percent in December compared to last year.

In 2023, the volume of industrial production was 5.5 percent lower than in the previous year.

Retail sales fell 0.2 percent year-over-year in December, slower than the 5.4 percent decline in the prior month. Sales have been falling since January 2023.

Sales volumes increased by 1.3 percent in specialised and non-specialised food shops and by 3.8 percent in automotive fuel retailing. Meanwhile, non-food retailing witnessed a decline of 3.0 percent.

Sales via mail order and the internet, which account for 8.2 percent of total retail sales, dropped 2.7 percent from last year.

On a monthly basis, retail sales moved up 1.4 percent on a seasonally and working day-adjusted basis.

During the year 2023, overall retail sales logged a decline of 7.9 percent compared with 2022.

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