Hungary Industry July 2019

Hungary

Hungary: Industrial production registers fastest expansion in over two years in July

September 12, 2019

Industrial production rose a working-day-adjusted 8.7% year-on-year in July, which marked an acceleration from June’s 4.1% upturn and the fastest expansion since March 2017, according to the second estimate released by the Hungarian Central Statistical Office. July’s reading was mainly bolstered by a jump in the manufacture of transport equipment. Meanwhile, the manufacture of computer, electronic and optical products, as well as of food products, beverages and tobacco products also grew at a solid pace. Overall, the manufacturing sector makes up over nine-tenths of the index.

In seasonally- and working-day-adjusted terms, industrial output rose 1.7% month-on-month in July, rebounding from the 1.8% contraction in June. Lastly, annual average growth in industrial production climbed from 4.9% in June to 5.3% in July.

FocusEconomics Consensus Forecast panelists expect industrial production to grow 5.0% in 2019, which is up 0.1 percentage points from last month’s projection. For 2020, the panel expects industrial output to grow 4.0%.


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Hungary Industry July 2019 1

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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