Hungary Industry October 2021

Hungary

Hungary: Industrial activity drops at sharpest rate since January in October

December 8, 2021

Industrial production dropped 2.7% year-on-year in October (September: -1.7% yoy), according to a preliminary estimate. October's result marked the sharpest contraction since January.

On a monthly basis, industrial output increased 0.3% in seasonally-adjusted terms in October, rebounding from September’s 0.3% fall and marking the best result since May. Meanwhile, the trend pointed down, with the annual average growth of industrial production coming in at plus 12.2% in October, down from September's 12.6% reading.

Commenting on the release, Peter Virovacz, senior economist at ING, stated:

“Smaller sectors did not show strong enough growth in October to mitigate the drag from car and electronic manufacturing, as these are still suffering from spare parts shortages.”

FocusEconomics Consensus Forecast panelists project industrial output to increase 6.1% in 2022, which unchanged from last month’s projection. For 2023, the panel projects industrial output to expand 4.2%.


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Hungary Industry October 2021 0

Note: Year-on-year changes and annual average variation of industrial production index in %.
Source: Hungarian Central Statistics Office and FocusEconomics calculations.


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