Hungary Industry September 2020

Hungary

Hungary: Decline in industrial output sharpens somewhat in September

November 12, 2020

According to a second estimate by the Statistical Institute, industrial output decreased 1.0% year-on-year in September (August: +0.0% yoy).

Looking at the details of the release, September's deterioration was doe to a downturn in the manufacturing sub-sector as well as to a sharper contraction in the mining and quarrying sub-sector, which more than offset a rebound in the electricity, gas, steam and air conditioning sub-sector.

On a seasonally-adjusted monthly basis, industrial output grew 2.3% in seasonally-adjusted terms in September, following August’s stronger 6.3% expansion. Meanwhile, the trend pointed down, with the annual average variation of industrial production coming in at minus 6.8% in September, down from August's minus 5.9% reading.

FocusEconomics Consensus Forecast panelists project industrial output to increase 7.4% in 2021, which is up 0.6 percentage points from last month’s projection. For 2022, the panel projects industrial output to expand 4.8%.


Author: Massimo Bassetti, Senior Economist

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Hungary Industry September 20 20 0

Note: Year-on-year changes and annual average variation of industrial production index in %.
Source: Hungarian Central Statistics Office and FocusEconomics calculations.


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