Hungary Industry February 2021


Hungary: Industrial output swings to expansion in February

April 14, 2021

Industrial output jumped 3.9% year-on-year in February (January: -2.8% yoy), and marked the strongest increase since November 2019, according to a second estimate.

A turnaround in the manufacturing sector as well as a faster expansion in the energy sector were behind the positive reading. On the other hand, the contraction in the mining sector sharpened.

On a monthly basis, industrial output soared 4.8% in seasonally-adjusted terms in February, following January’s 0.3% uptick. Meanwhile, the trend improved, with the annual average variation of industrial production coming in at minus 7.4% in February, from January's minus 7.5% 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 February 2021

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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