Hungary Industry May 2020


Hungary: Industrial output decreases in May

July 7, 2020

Industrial output declined 27.6% year-on-year in May (April: -36.6% yoy), according to a preliminary estimate. Although May’s reading was a slight improvement from April, the impact of coronavirus continued to constrain industrial activity.

On a monthly basis, industrial output rose 15.6% in seasonally-adjusted terms in May, rebounding notably from April’s 30.5% fall and marking the fastest increase on record.

Meanwhile, the trend pointed down, with the annual average variation of industrial production coming in at minus 3.1%, down from April's minus 0.2%.

FocusEconomics Consensus Forecast panelists project industrial production to contract 9.1% in 2020, which is down 0.6 percentage points from last month’s projection. For 2021, the panel sees industrial output growing 7.7%.

Author:, Economist

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Hungary Industry Chart

Hungary Industry May 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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