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.”