Hungarian Parliament building

Hungary Industrial production May 2023

Hungary: Decline in industrial activity softens in May

According to a second estimate by the Statistical Institute, industrial output dropped 4.2% in year-on-year terms in May, which was above April’s 5.5% decrease. The softer drop was partly due to a softer fall in manufacturing output. In contrast, mining and quarrying output fell heavily.

On a monthly basis, industrial output increased 1.5% in seasonally adjusted terms in May, rebounding from April’s 2.5% fall and marking the best result since December 2022. Meanwhile, the trend pointed down, with the annual average growth of industrial production coming in at 1.6% in May, down from April’s 2.3%.

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