GFM: industrial output declined in many sectors

By: Trademagazin Date: 2023. 12. 06. 11:56

According to the data of the Central Statistical Office, the volume of industrial production decreased by 3.2 percent on an annual basis in October, and slightly by 0.6 percent compared to the previous quarter. According to the KSH report, production decreased in subsectors such as the food industry, beverage production, and the manufacture of electronic products – the Ministry of Economic Development (GFM) commented on the preliminary data published on Wednesday.

Gergely Fábián, GFM’s state secretary responsible for industrial policy and technology, underlined in relation to the data that the lack of industrial performance is closely related to the development of domestic consumption, just like investments. It also follows that with the recovery of consumption, industrial performance will also recover. This is helped by the fact that the government reduced inflation to single digits, the real wage revolution took place in September, and the minimum wages increased by 10 and 15 percent as of December.

According to GFM, it is encouraging that the volume of emissions in future-oriented sectors related to electric transport, such as vehicle production and high-tech battery production, is constantly increasing.