Hungary Industry January 2021


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.

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 Chart

Hungary Industry January 2021 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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