Hungary: Decline in industrial output softens in June
According to a second estimate by the Statistical Institute, industrial output decreased 4.1% year-on-year seasonally and working-day adjusted, which was a smaller contraction than May’s 5.4% decrease. Looking at the details of the release, manufacturing output in June dropped at a slower pace, while mining and quarrying output growth slowed, as did electricity, gas, steam and air conditioning production.
On a seasonally adjusted monthly basis, industrial output rebounded and rose 0.5% (May: -1.2% mom). Meanwhile, the trend improved, with the annual average variation of industrial production coming in at minus 3.8%, up from May’s minus 3.9%.