Hungary Industry July 2020

Hungary

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.

FocusEconomics Consensus Forecast panelists project industrial production to contract 10.8% in 2020, which is down 1.7 percentage points from last month’s projection. For 2021, the panel sees industrial output growing 6.7%.


Author: Massimo Bassetti, Senior Economist

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Hungary Industry July 20 20 0

Note: Year-on-year working-day adjusted changes and annual average variation of industrial production index in %.
Source: Hungarian Central Statistics Office and FocusEconomics calculations.


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