Hungary's industrial output fell by an annual 13.7% in December based on preliminary unadjusted data, below analyst forecasts for a 7.5% drop, the Central Statistics Office (KSH) said on Tuesday. In November industrial output fell by 5.5%. Adjusted for the effect of working days, output fell by 8.7% year-on-year, while in monthly terms, it shrank by 0.3%, the KSH said.

The KSH said that production volume fell in December 2023 in the great majority of the manufacturing with output growing in only three subsections, at the highest rate in the manufacture of coke, and refined petroleum products. In 2023 industrial output was 5.5% lower than in 2022.

INDUSTRIAL OUTPUT CHANGE, % December 2023 November 2023 December 2022 Unadjusted y/y -13.7 -5.5* (-5.8) +3.0 Adjusted y/y -8.7 -5.3* (-5.6) +6.7 m/m -0.3 -2.2* (-2.3) +3.6* (+3.4) *Revised. Numbers in brackets indicate figures as they were originally reported. (Reporting by Antonis Pothitos and Mateusz Rabiega in Gdansk)