Hungary: 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%.