Industrial Production Up by 16.5% in Hungary

In March 2021, the volume of industrial production exceeded the previous year’s low base level by 16.5%. Based on working-day adjusted data production rose by 16.2%. According to seasonally and working-day adjusted data industrial output was 0.4% higher than in February 2021.

As the Central Statistical Office reports, all manufacturing subsections contributed to the growth. The manufacture of transport equipment representing the largest weight increased outstandingly, mainly due to the low base value caused by temporary factory shutdowns in the same period of the previous year. The manufacture of computer, electronic and optical products and the manufacture of food products, beverages and tobacco rose at a rate below the industrial average.

In the first three months of the year production was 4.0% higher than in the same period of the previous year.

Industrial output in March – according to seasonally and working-day adjusted indices – was 0.4% above the level of the previous month, and it rose by 68% compared to the previous year’s nadir, surpassing even the pre-pandemic peak.