Hungary Industry August 2020


Hungary: Industrial activity posts softest contraction since February in August

October 13, 2020

According to a second estimate by the Statistical Institute, industrial output dropped 0.2% year-on-year in August (July: -7.7% yoy). The print marked the smallest contraction since February.

Looking at the details of the release, August's improvement was broad-based, with manufacturing, mining and quarrying and electricity, gas, steam and air conditioning sub-sectors all improving.

On a seasonally-adjusted monthly basis, industrial production rose at a more moderate pace of 6.8% in August (July: +7.3% mom). Meanwhile, the trend pointed down, with the annual average variation of industrial production coming in at minus 6.0%, down from July's minus 5.7%.

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 0

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

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