Hungary Industry November 2020

Hungary

Hungary: Industrial output growth softens in November

January 13, 2021

Industrial output expanded 1.6% year-on-year in November (October: +2.7% yoy), according to a second estimate.

Looking at the details of the release, November's softer increase was due to a milder rise in production in the manufacturing sub-sector more than offsetting a faster expansion in the electricity, gas, steam and air conditioning sub-sector and a softer contraction in the mining and quarrying sub-sector.

On a monthly basis, industrial output dropped 1.2% in seasonally-adjusted terms in November, contrasting October’s 2.2% expansion. Meanwhile, the trend pointed down, with the annual average variation of industrial production coming in at minus 7.4% in November, from October 's minus 7.1% reading.

FocusEconomics Consensus Forecast panelists project industrial output to increase 7.4% in 2021, which is up 0.6 percentage points from last month’s projection. For 2022, the panel projects industrial output to expand 4.8%.


Author: Massimo Bassetti, Senior Economist

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Hungary Industry November 20 20 0

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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