Hungarian Parliament building

Hungary Industrial production December 2023

Hungary: Industrial activity contracts at sharpest rate since June 2020 in December

According to a second estimate by the Statistical Institute, industrial output nosedived 8.6% year on year in December (November: -4.8% yoy). December’s figure marked the worst reading since June 2020. The reading reflected a broad-based downturn across the major sectors, with manufacturing, mining and quarrying and electricity, gas, steam and air conditioning all contracting in December.

On a seasonally adjusted monthly basis, industrial output fell at a softer pace of 0.3% in December (November: -2.2% mom). Meanwhile, the trend pointed down, with the annual average variation of industrial production coming in at a two-year low of minus 4.9% in December, down from November’s minus 3.7% reading.

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