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
2019 | 2020 | 2021 | 2022 | 2023 | |
---|---|---|---|---|---|
Industrial Production (ann. var. %) | 5.3 | -6.8 | 9.4 | 5.6 | -4.7 |
Industrial output falls at sharpest rate since December 2023 in May
According to a second estimate by the Statistical Institute, industrial output nosedived 5.4% in year-on-year terms in May, which was a deterioration from April's 2.2% decrease. May's figure marked the worst reading since December 2023. The sharper drop was partly due to the steepest fall in manufacturing output since July 2020. In addition, mining and quarrying production decelerated. On a monthly basis, industrial production dropped 1.3% in seasonally adjusted terms in May, moderating from April’s 1.5% fall. Meanwhile, the trend pointed down, with the annual average variation of industrial production coming in at minus 4.1%, down from April's minus 4.0%.
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 11 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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