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%.
Author: Hanna Andersson, Economist