Hungary Industry March 2022

Hungary

Hungary: Industrial output growth eases in March

May 18, 2022

According to a second estimate by the Statistical Institute, industrial output grew 4.2% in year-on-year terms in March, which followed February's 4.8% increase. The slowdown was largely driven by a deterioration in manufacturing output growth. In addition, mining and quarrying output decelerated.

On a seasonally-adjusted monthly basis, factory output fell 0.1% in March (February: +1.9% mom), the worst result since August 2021. Meanwhile, annual average industrial production growth fell to 12.2% in March (February: +13.2%). This signals a worsening trend in the industrial sector.

FocusEconomics Consensus Forecast panelists project industrial output to increase 6.1% in 2022, which unchanged from last month’s projection. For 2023, the panel projects industrial output to expand 4.2%.


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