Hungary: Industrial activity posts softest contraction since February in August
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%.