Hungary Industry May 2020


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%.

FocusEconomics Consensus Forecast panelists project industrial production to contract 9.1% in 2020, which is down 0.6 percentage points from last month’s projection. For 2021, the panel sees industrial output growing 7.7%.

Author:, Economist

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Hungary Industry Chart

Hungary Industry May 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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