Hungary Industry April 2021

Hungary

Hungary: Industrial production skyrockets on low base effect in April

June 14, 2021

Industrial output skyrocketed 59.2% year-on-year in April (March: +16.2% yoy) benefiting from an extremely low base effect, according to a preliminary estimate.

On a monthly basis, industrial output fell 3.2% in seasonally-adjusted terms in April, contrasting March’s 0.4% uptick. Meanwhile, the trend pointed up, with the annual average variation of industrial production coming in at 2.8% in April, from March's minus 5.2% reading.

Commenting on the release, Peter Virovacz, Hungary senior economist at ING, stated:

“It appears that the Ever Given accident in the Suez canal at the end of March intensified supply chains pressure which became apparent on the production lines only in April. The German industrial data published today also surprised negatively, so it seems that the weak domestic performance is driven by global processes, not by Hungarian specifics.”

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 April 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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