Hungary Industry March 2020

Hungary

Hungary: Second estimate confirms industrial activity decreases at fastest rate in over a decade in March

May 13, 2020

According to a second estimate by the Statistical Institute, industrial production declined a working-day-adjusted 10.0% year-on-year in March (February: +1.5% yoy), matching the first estimate. March's result marked the worst reading since October 2009 and reflected the impact of the coronavirus pandemic on activity.

March's notable weakening was due to a deterioration in manufacturing output, which contracted sharply, particularly in the production of transport equipment.

On a seasonally-adjusted monthly basis, industrial production fell at a more pronounced rate of 10.4% in March (February: -0.1% mom). The reading marked the worst result since December 2010. Meanwhile, the trend pointed down, with the annual average growth of industrial production coming in at 3.3%, down from February's 4.8%.

FocusEconomics Consensus Forecast panelists project industrial production to contract 8.2% in 2020, which is down 2.8 percentage points from last month’s projection. For 2021, the panel sees industrial output growing 6.9%.


Author:, Economist

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Hungary Industry March 20 20 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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