Hungary Industry July 2022

Hungary

Hungary: Industrial output records best reading since January in July

September 16, 2022

According to a second estimate by the Statistical Institute, industrial output expanded 6.6% compared to the same month a year earlier in July, which was above June's 4.8% increase. The print marked the best reading since January. Looking at the details of the release, July's pickup was broad-based, with the manufacturing, mining and quarrying and electricity, gas, steam and air conditioning sub-sectors all gaining steam.

On a monthly basis, industrial production increased 1.1% in seasonally-adjusted terms in July, which was better than June’s 0.7% expansion. Meanwhile, annual average industrial production growth fell to 3.2% in July (June: +3.5%), which marked an over one-year low.

Commenting on the release, Orsolya Nyeste, analyst at Erste bank, stated:

“The performance seen in July showed that so far, the sector has remained resilient to negative effects of the Russian-Ukrainian war, energy crisis and continued supply-chain bottlenecks. One explanation could be that many companies in the sector had long or medium-term contracts regarding their energy costs. These contracts however would expire soon, and from the autumn the sector would increasingly be burdened by extremely rising cost of energy.”

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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