Hungary: Industrial output swings to contraction in January
March 12, 2021
Industrial output dropped 2.8% year-on-year in January (December: +1.0% yoy), according to a second estimate.
A downturn in the manufacturing sector as well as a sharper contraction in the mining sector were behind the negative reading. On the other hand, growth in the energy sector accelerated.
On a monthly basis, industrial output inched up 0.2% in seasonally-adjusted terms in January, contrasting December’s 2.7% fall. Meanwhile, the trend deteriorated, with the annual average variation of industrial production coming in at minus 7.5% in January, from December's minus 7.1% reading.