Hungary: Second estimate confirms industrial output hit record low in April
June 12, 2020
According to a second estimate by the Statistical Institute, industrial output declined 36.6% compared to the same month a year earlier in April, which was a larger contraction than March's 10.0% decrease and matched the first estimate. April's reading marked the sharpest fall on record as the impact of the Covid-19 pandemic wreaked havoc on activity.
The result was primarily driven by diving manufacturing production as production was temporarily suspended to halt the spread of the virus. In addition, electricity, gas, steam and air conditioning as well as mining output also contracted sharply.
On a monthly basis, industrial production plunged 30.5% in April, which was significantly below March’s 10.4% fall. The print marked the worst result on record. Moreover, the trend pointed down, with the annual average variation of industrial production coming in at minus 0.2% in April, contrasting March's plus 3.3% reading.
Author: Hanna Andersson, Economist