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
Note: This chart displays Industrial Production (annual variation in %) for Hungary from 2023 to 2022.
Source: Macrobond.
Hungary Industry Data
2019 | 2020 | 2021 | 2022 | 2023 | |
---|---|---|---|---|---|
Industrial Production (ann. var. %) | 5.3 | -6.8 | 9.4 | 5.6 | -4.8 |
Decline in industrial activity softens in April
According to a second estimate by the Statistical Institute, industrial output dropped 2.1% compared to the same month a year earlier in April, which was a smaller contraction than March's 3.4% decrease. The reading reflected a broad-based upturn, with activity in the manufacturing, mining and quarrying and electricity, gas, steam and air conditioning sub-sectors all improving in April. On a monthly basis, factory output declined 1.5% in seasonally adjusted terms in April, moderating from March’s 2.4% fall. Meanwhile, the trend improved, with the annual average variation of industrial production coming in at minus 4.0% in April, up from March's minus 4.2%.
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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