Financial News: Hungary's Industrial Output Declines Further; Retail Sales

Hungary's Industrial Output Declines Further; Retail Sales Recover

03/06/2024 - 04:10:00 (RTTNews)

(RTTNews) - Hungary's industrial production continued its declining trend in January, preliminary figures from the Hungarian Central Statistical Office showed on Wednesday.

Separate official data showed that retail sales increased for the first time in more than a year.

The volume of industrial production dropped a working-day-adjusted 4.1 percent yearly in January, though slower than the 7.6 percent fall a month ago.

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

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

On a monthly basis, industrial production slid 1.1 percent in January, reversing a 0.2 percent rise in the previous month.

On an adjusted basis, industrial production dropped 3.6 percent in January compared to last year, versus an expected decline of 3.4 percent.

Retail sales climbed 0.6 percent year-over-year in January, in contrast to the 0.2 percent drop in the prior month. Further, this was the first increase since December 2022.

Sales volumes increased by 1.0 percent in non-specialised food and beverage shops. There were 2.1 percent fewer sales in specialised food, beverage, and tobacco stores. Meanwhile, non-food retailing witnessed a decline of 0.9 percent.

Sales via mail order and the internet, which account for 9.1 percent of total retail sales, grew 4.3 percent from last year.

On a monthly basis, retail sales remain unchanged on a seasonally and working day-adjusted basis.

Another piece of official data showed that Hungary's trade balance turned to a surplus of EUR 497 million in January from a deficit of EUR 403 million a year ago, as imports fell faster than exports.

The value of exports dropped 7.4 percent annually in January, while imports plunged by 14.0 percent.

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