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