Hungarian Parliament building

Hungary Industrial production July 2023

Hungary: Decline in industrial activity softens in July

According to a second estimate by the Statistical Institute, industrial output slid 3.6% year on year in July (June: -5.1% yoy). The print marked the best reading since January. The softer contraction was largely driven by less pronounced contractions in manufacturing and electricity, gas, steam and air conditioning output.

On a seasonally adjusted monthly basis, industrial output rose 2.9% in July (June: -0.8% mom), the best result since December 2022. Meanwhile, annual average industrial production growth fell to 0.1% in July (June: +1.0%), signaling a worsening trend in the industrial sector.

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