Hungary Industry May 2022


Hungary: Industrial output records lowest growth since November 2021 in May

July 29, 2022

According to a second estimate by the Statistical Institute, industrial output expanded 3.4% year on year in May (April: +4.7% yoy). May's result marked the worst reading since November 2021. The reading was largely due to weaker manufacturing output. In addition, electricity, gas, steam and air conditioning output contracted.

On a monthly basis, industrial output grew 1.4% in seasonally-adjusted terms in May, rebounding from April’s 1.5% fall. Meanwhile, annual average industrial production growth fell to 4.6% in May (April: +7.7%). 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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