Hungary: Second estimate confirms industrial output dropped again in May
July 14, 2020
According to a second estimate by the Statistical Institute, industrial output slid 27.6% in year-on-year terms in May, which was a smaller contraction than April's 36.6% decrease and matched the first estimate.
The smaller contraction largely reflected more moderate contractions in manufacturing as well as in mining and quarrying production.
On a monthly basis, industrial production grew 15.6% in seasonally-adjusted terms in May, rebounding from April’s 30.5% fall and marked the best result on record. Meanwhile, the trend pointed down, with the annual average variation of industrial production coming in at minus 3.1%, down from April's minus 0.2%.
Author: Hanna Andersson, Economist