Hungary: Industrial output dips in March
According to a second estimate by the Statistical Institute, industrial output dropped 3.2% year on year in March (February: +1.4% yoy). The notable weakening was largely driven by a deterioration in manufacturing production. In addition, mining and quarrying output weakened.
On a seasonally adjusted monthly basis, factory output fell 2.4% in March (February: +8.8% mom). Meanwhile, the trend improved, with the annual average variation of industrial production coming in at minus 4.1%, up from February’s minus 4.3% reading.