Hungarian Parliament building

Hungary Industry June 2021

Hungary: Industrial production growth moderates in June

Industrial output grew at a notably softer rate of 18.6% in annual terms in June, following May’s 39.9% jump, according to a preliminary estimate. June’s slowdown partly reflected a less favorable base effect.

On a monthly basis, industrial output swung back into contraction, declining 0.3% in seasonally-adjusted terms in June (May: +3.3% s.a. mom). Meanwhile, the trend improved markedly, with annual average growth in industrial production coming in at 11.1% in June, from 8.6% in May.

Commenting on the outlook for industry in the near term, Peter Virovacz, Hungary senior economist at ING, said:

“Until supply chain disruptions have been resolved, we see sustained but moderated growth. The main reason behind the expected continuous improvement is the new production capacity in battery factories. And due to the dynamic expansion in global demand, the level of orders may continue to grow, though impeded production capacity means we can expect longer delivery times. Issues with capacity utilisation are more and more visible, as 41% of companies are now complaining about an insufficient number of workers and 31% see equipment and material shortages as factors limiting production.”

Free sample report

Access essential information in the shortest time possible. FocusEconomics provide hundreds of consensus forecast reports from the most reputable economic research authorities in the world.
Close Left Media Arrows Left Media Circles Right Media Arrows Right Media Circles Arrow Quote Wave Address Email Telephone Man in front of screen with line chart Document with bar chart and magnifying glass Application window with bar chart Target with arrow Line Chart Stopwatch Globe with arrows Document with bar chart in front of screen Bar chart with magnifying glass and dollar sign Lightbulb Document with bookmark Laptop with download icon Calendar Icon Nav Menu Arrow Arrow Right Long Icon Arrow Right Icon Chevron Right Icon Chevron Left Icon Briefcase Icon Linkedin In Icon Full Linkedin Icon Filter Facebook Linkedin Twitter Pinterest