Industry in Hungary
Hungary - Industry
Industrial production growth moderates again in July
Industrial output grew at a notably softer rate of 10.2% in annual terms in July, following June’s 18.2% jump, according to a preliminary estimate. July’s slowdown partly reflected a less favorable base effect.
On a monthly basis, industrial output declined 0.5% in seasonally-adjusted terms in July (June: -0.3% s.a. mom). Meanwhile, the trend improved, with annual average growth in industrial production coming in at 12.6% in July, from 11.1% in June.
Commenting on the outlook for industry in the near term, Peter Virovacz, Hungary senior economist at ING, said:
“First in June, then in July. Industry’s performance came as a cold shower in an otherwise hot economy. Supply chain disruptions are having an impact on the sector. […] Besides the GDP impact, the more forceful impact comes from the side of pricing. Rising input and labour costs may further strengthen producer price inflation in the months ahead. As producers are still in a better bargaining position amid expanding demand and scarce supply, we see this becoming more of an issue from a consumer price point of view too, further strengthening the already high inflation pressure.”
FocusEconomics Consensus Forecast panelists project industrial output to increase 11.9% in 2021, which is down 0.4 percentage points from last month’s projection. For 2022, the panel projects industrial output to expand 6.1%.
Hungary - Industry Data
|Industrial Production (annual variation in %)||7.4||0.9||4.6||3.5||5.4|
5 years of economic forecasts for more than 30 economic indicators.
Hungary Industry Chart
Source: Hungarian Central Statistical Office (KSH) and FocusEconomics calculations.
|Bond Yield||2.08||0.0 %||Dec 31|
|Exchange Rate||295.1||-0.68 %||Jan 01|
Get a sample report showing our regional, country and commodities data and analysis.
Request a Trial
Start working with the reports used by the world’s major financial institutions, multinational enterprises & government agencies now. Click on the button below to get started.
September 22, 2021
At its 21 September meeting, the Monetary Council of the Hungarian National Bank (MNB) decided to raise its base rate to 1.65% from 1.50%, marking the fourth consecutive increase.
September 8, 2021
Industrial output grew at a notably softer rate of 10.2% in annual terms in July, following June’s 18.2% jump, according to a preliminary estimate.
September 8, 2021
Consumer prices rose 0.20% from the previous month in August, edging down from July’s 0.50% increase.
September 2, 2021
Economic growth bounced back in the second quarter, with GDP increasing 17.9% on an annual basis (Q1: -2.1% year-on-year). The upturn reflected improvements in private consumption, fixed investment and exports.
August 31, 2021
The GKI economic sentiment index, a composite indicator, edged up to minus 0.6 in August from minus 1.1 in July, the best result since November 20219.