In October , the volume of industrial production fell by 0. Production volume expanded in most of the manufacturing sub-sectors. At the same time, however, among the most important sub-sectors, there was a decline in both vehicle and electrical equipment manufacturing, while that of computers, electronics, optical products, and food, beverages, and tobacco products increased. Industrial production in the first 10 months of the year was 3.
The Ministry of National Economy NGM reacted to the data by saying that a double crisis has developed in several European countries, affecting both economics and politics. This is well exemplified by the state of France and Germany, the two most significant economies within the European Union.
Worryingly serious problems are burdening the European automotive industry. This turbulent international situation, as well as the harmful effects of the war in Ukraine, will inevitably ripple through and restrain the performance of the export-driven Hungarian economy and industry, according to the ministry.
After the downturn in September, the overall picture for the Hungarian industry improved in October, which was a positive surprise. The improvement was encouraging, and indeed, the monthly growth rate was unusually high, but on an annual basis, there was still a significant gap: a calendar-adjusted decline of 3.
It is also telling that industrial production volumes are still 2. In other words, the October improvement alone has not yet led to a breakthrough. Moreover, over the past three years, Hungarian industry has had some good months, but these have failed to break the negative trend.
