Hungary: Second estimate confirms decline in industrial activity softened in July
September 12, 2020
According to a second estimate by the Statistical Institute, industrial output declined 7.7% in year-on-year, working-day adjusted terms in July, which was markedly softer than June's 12.2% dive and matched the first estimate.
The softer drop was mainly driven by a weaker contraction in manufacturing production, although it still continued to shrink at a marked pace.
On a seasonally-adjusted monthly basis, factory output rose at a softer rate of 7.2% in July (June: +17.2% mom). Meanwhile, the trend pointed down, with the annual average variation of industrial production coming in at minus 5.7%, down from June's minus 4.3% and the worst reading in over 10 years.