Hungary Industry December 2019


Hungary: Industrial production contracts for the first time in over three years in December

February 13, 2020

According to a second estimate by the Statistical Institute, industrial production declined a working-day-adjusted 3.7% year-on-year in December, matching the first estimate and contrasting November’s revised 5.3% increase (previously reported: +5.7% year-on-year). December’s reading largely reflected a marked fall in manufacturing output, particularly in transport equipment production, and was the first contraction in over three years.

In seasonally- and working-day-adjusted terms, industrial output fell 3.8% month-on-month in December, following the 1.4% contraction logged in November. Lastly, annual average growth in industrial production slowed from 6.3% in November to 5.4% in December.

FocusEconomics Consensus Forecast panelists project industrial production to grow 3.6% in 2020, which is unchanged from last month’s projection. For 2021, the panel sees industrial output growing 3.4%.

Author:, Economist

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Hungary Industry Chart

Hungary Industry December 2019 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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