Hungary Industry August 2020


Hungary: Decline in industrial output softens considerably in August

October 6, 2020

Industrial output decreased 0.2% year-on-year in August (July: -7.7% yoy), according to a preliminary estimate.

On a monthly basis, industrial output jumped 6.8% in seasonally-adjusted terms in August, below July’s 7.2% expansion. Meanwhile, the trend pointed down, with the annual average variation of industrial production coming in at minus 6.0% in August, down from July's minus 5.7% reading.

FocusEconomics Consensus Forecast panelists project industrial production to contract 10.8% in 2020, which is down 1.7 percentage points from last month’s projection. For 2021, the panel sees industrial output growing 6.7%.

Author: Massimo Bassetti, Senior Economist

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Hungary Industry Chart

Hungary Industry August 20 20

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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