Hungarian Industrial Production Down by 6.7%

In January 2021 the volume of industrial production fell by 6.7% year-on-year. Based on working-day adjusted data production declined by 2.8%, the Central Statistical Office reports.

Compared to crude data, the significant difference is due to the fact that there were two less working days in January 2021 than in January 2020. Industrial output was 0.2% higher, compared to the previous month, according to seasonally and working-day adjusted data.

– The majority of the manufacturing subsections contributed to the fall. The largest weight representing manufacture of transport equipment dropped significantly, while the manufacture of food products, beverages and tobacco declined to a lesser extent. The manufacture of computer, electronic and optical products grew.
– Industrial output in January – according to seasonally and working-day adjusted indices – was 0.2% above the level of the previous month, and it grew by 57% compared to the nadir of April.