Hungary Industry July 2020


Hungary: Decline in industrial output softens in July

September 4, 2020

Industrial output decreased 7.7% year-on-year in July (June: -12.2% yoy), according to a preliminary estimate. Although the contraction was softer than in the previous month, the fallout from the Covid-19 health crisis continued to hamper industrial output, particularly in the manufacturing sector.

On a monthly basis, industrial output increased 7.2% in seasonally-adjusted terms in July, below June’s 17.1% expansion which had marked the best result on record. Meanwhile, the trend pointed down, with the annual average variation of industrial production coming in at minus 5.7% in July, down from June's minus 4.3% 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 July 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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