Hungary Industry March 2019


Hungary: Industrial output growth at over one-year high in March

May 14, 2019

Industrial output increased a working-day-adjusted 8.0% year-on-year in March, outpacing a 6.0% increase in February and marking the strongest result since October 2017. According to the Hungarian Central Statistical Office (KSH), March’s reading was bolstered by a stronger expansion in manufacturing output—which makes up over nine-tenths of the index—and by another month of skyrocketing growth in the mining and quarrying sector. On the other hand, the energy sector contracted at a sharper rate. Within the all-important manufacturing sector, the manufacture of transport equipment, motor vehicles, and electrical equipment registered the fastest increases.

In month-on-month, seasonally- and working-day-adjusted terms, industrial production growth came in at 1.0%, matching February’s print. Lastly, annual average growth in industrial production rose to 4.4% from 3.9% in February.

FocusEconomics Consensus Forecast panelists expect industrial production to grow 4.1% in 2019, which is down 0.1 percentage points from last month’s projection. For 2020, the panel expects industrial output to grow 4.0%.

Author: Massimo Bassetti, Economist

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Hungary Industry Chart

Hungary Industry March 2019

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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