Hungary: Decline in industrial output softens in October
According to a second estimate by the Statistical Institute, industrial output decreased 2.7% compared to the same month of the previous year in October, which was a less pronounced contraction than September’s 5.8% decrease. The print marked the best reading since December 2022. October’s softer drop was largely driven by smaller falls in manufacturing and electricity, gas, steam and air conditioning output.
On a seasonally adjusted monthly basis, factory output fell 0.7% in October (September: +1.3% mom). Meanwhile, the trend pointed down, with the annual average variation of industrial production coming in at an over two-year low of minus 3.2% in October, down from September’s minus 2.6% reading.