Hungary Industry September 2022

Hungary

Hungary: Industrial output grows at fastest pace since June 2021 in September

November 15, 2022

According to a second estimate by the Statistical Institute, industrial output rose 11.6% in year-on-year terms in September, which followed August's 9.1% increase. September's result marked the best reading since June 2021. The rise was partly driven by faster growth in manufacturing production. In contrast, mining and quarrying production lost steam.

On a monthly basis, industrial production rose 1.6% in seasonally adjusted terms in September, which was better than August’s 0.5% expansion and marking the best result since February. Meanwhile, the trend improved notably, with the annual average growth of industrial production coming in at 5.0% in September, up from August's 3.9%.

FocusEconomics Consensus Forecast panelists project industrial output to increase 3.4% in 2023, which is unchanged from last month’s projection. For 2024, the panel projects industrial output to expand 4.1%.


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Hungary Industry September 2022

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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