Industrial Production in Hungary
Hungary recorded average industrial production growth of 4.0% in the decade to 2022, above the 3.2% average for Eastern Europe. In 2022, industrial production growth was 5.8%. For more industry information, visit our dedicated page.
Hungary Industry Chart
Hungary Industry Data
2018 | 2019 | 2020 | 2021 | 2022 | |
---|---|---|---|---|---|
Industrial Production (ann. var. %) | 3.8 | 5.3 | -7.0 | 9.7 | 5.8 |
Industrial activity contracts at sharpest rate since June 2020 in December
According to a second estimate by the Statistical Institute, industrial output nosedived 8.6% year on year in December (November: -4.8% yoy). December's figure marked the worst reading since June 2020. The reading reflected a broad-based downturn across the major sectors, with manufacturing, mining and quarrying and electricity, gas, steam and air conditioning all contracting in December. On a seasonally adjusted monthly basis, industrial output fell at a softer pace of 0.3% in December (November: -2.2% mom). Meanwhile, the trend pointed down, with the annual average variation of industrial production coming in at a two-year low of minus 4.9% in December, down from November's minus 3.7% reading.
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Hungarian industry projections for the next ten years from a panel of 12 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable industry forecast available for Hungarian industry.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Hungarian industry projections.
Want to get access to the full dataset of Hungarian industry forecasts? Send an email to info@focus-economics.com.
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