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HUNGARY DEC INDUSTRIAL OUTPUT DOWN 13.7% YR/YR

 

Industrial output in Hungary was an annual 13.7% lower in December 2023, the Central Statistical Office (KSH) said on Tuesday, reporting its first estimate. Based on working-day adjustments, it was 8.7% lower year on year, as there were two fewer working days compared with the same month in 2022. Month on month, output fell by 0.3%, according to seasonally and working day-adjusted data. The war in Ukraine and sanctions weighed on the economy, while low demand linked to a weak European economy also dragged down industrial exports, the national economy ministry said, commenting on the data. Output was also held back by the shutdown of some companies at year-end, especially in vehicle production, the ministry said in a statement. The government’s aim this year is to restore growth and for the economy to grow by around 4%, the statement said, adding that this meant restoring consumption and boosting labour market activity further, while the investment level must be kept above 25%. The government operates various schemes to help entrepreneurs dismantle any obstacles to growth, ensuring the right amount of energy is available at a decent price, a qualified and sufficient workforce is provided, and that there are financing opportunities for investments, the statement added.