Hungary Industry March 2021


Hungary: Industrial production jumps on low base effect in March

May 12, 2021

Industrial output soared 16.2% year-on-year in March (February: +4.0% yoy) benefiting from an extremely low base effect as March 2020 was the first month of the Covid-19 pandemic, according to a preliminary estimate.

On a monthly basis, industrial output rose 0.4% in seasonally-adjusted terms in March, following February’s 4.9% jump which had marked the strongest reading in 16 months. Meanwhile, the trend pointed up, with the annual average variation of industrial production coming in at minus 5.2% in March, from February's minus 7.3% 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 March 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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