Hungary Industry September 2021


Hungary: Industrial output falls at sharpest rate since January in September

November 12, 2021

According to a second estimate by the Statistical Institute, industrial output declined 1.7% compared to the same month a year earlier in September, which contrasted August's 0.5% increase. The result marked the steepest contraction since January. The notable weakening was partly driven by a deterioration in manufacturing production, which fell at the sharpest pace since January In addition, mining and quarrying production also weakened.

On a monthly basis, industrial production decreased 0.3% in seasonally-adjusted terms in September, which was significantly better than August’s 2.9% fall. Meanwhile, annual average growth of industrial production was stable coming in at August's 12.6% in September.

FocusEconomics Consensus Forecast panelists project industrial output to increase 6.1% in 2022, which is unchanged from last month’s projection. For 2023, the panel projects industrial output to expand 4.5%.


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Hungary Industry Chart

Hungary Industry September 2021

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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