Industrial Production Falls by 8,1%

In July 2020, the volume of industrial production in Hungary declined by 8.1% year-on-year. The degree of fall was 28.8% lesser than the nadir of April. Based on working-day adjusted data, production dropped by 7.7%.

The effects of the altered economic processes, caused by the coronavirus epidemic, were still perceptible in this period, the Central Statistical Office reports.

The production volume decreased in the majority of the manufacturing subsections. A significant fall was observed in the largest weight representing manufacture of transport equipment, while the manufacture of computer, electronic and optical products grew. The manufacture of food products, beverages and tobacco products slightly declined.

In the first seven months of the year production was 12.1% lower than in the same period of the previous year.

Industrial output in July – according to seasonally and working-day adjusted indices – was 7.2% above the level of the previous month, and it grew by 46% compared to April.