Hungary: Industrial activity contracts at sharpest pace since July 2020 in April
According to a second estimate by the Statistical Institute, industrial output dropped 5.8% year on year in April (March: -4.0% yoy). The result marked the worst reading since July 2020. April’s reading was partly driven by a deterioration in manufacturing production, as it fell at the sharpest pace since July 2020. In addition, mining and quarrying output fell heavily.
On a monthly basis, factory output decreased 2.5% in seasonally adjusted terms in April, which was significantly below March’s flat reading. Meanwhile, the trend pointed down, with the annual average growth of industrial production coming in at an over two-year low of 2.5% in April, down from March’s 3.4% reading.