Hungary: Second estimate confirms decline in industrial activity softened in June
According to a second estimate by the Statistical Institute, industrial output declined 12.2% in year-on-year, working-day adjusted terms in June, which was markedly softer than May’s 27.8% dive and matched the first estimate.
The softer drop was partly driven by a weaker contraction in manufacturing production, although it still continued to shrink at a steep pace.
On a seasonally-adjusted monthly basis, factory output rose at a faster rate of 17.1% in June (May: +16.1% mom), the best result on record. Meanwhile, the trend pointed down, with the annual average variation of industrial production coming in at minus 4.3%, down from May’s minus 2.9%.