Hungary: Industrial production contracts for the first time in over three years in December
According to a second estimate by the Statistical Institute, industrial production declined a working-day-adjusted 3.7% year-on-year in December, matching the first estimate and contrasting November’s revised 5.3% increase (previously reported: +5.7% year-on-year). December’s reading largely reflected a marked fall in manufacturing output, particularly in transport equipment production, and was the first contraction in over three years.
In seasonally- and working-day-adjusted terms, industrial output fell 3.8% month-on-month in December, following the 1.4% contraction logged in November. Lastly, annual average growth in industrial production slowed from 6.3% in November to 5.4% in December.