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Financial News: Hungary Industrial Production Declines Further

Hungary Industrial Production Declines Further

09/11/2020 - 06:07:00 (RTTNews)

(RTTNews) - Hungary's industrial production decreased for a fifth straight month, as the economy attempts to recover from the disruption caused by the coronavirus pandemic, latest data from the Hungarian Central Statistical Office showed on Friday.

Industrial production fell an unadjusted 8.1 percent year-on-year following a 7.8 percent drop in June. The flash estimate was confirmed. The degree of fall was 28.8 percentage point lesser than the nadir of April, the statistical office said. Output had plunged 36.9 percent in April.

On a working-day adjusted basis, production dropped 7.7 percent from a year ago following a 12.2 percent fall in the previous month. The effects of the altered economic processes caused by the coronavirus epidemic were still perceptible in this period, the statistical office said. Compared to the previous month, industrial production grew a seasonally and working-day adjusted 7.2 percent and was 46 percent higher from April, when it fell 30.6 percent. In June, output jumped 16.2 percent. Production grew for a third month in a row.

Industrial exports decreased 6.9 percent year-on-year, led by a slump in demand for transport equipment. Domestic sales shrunk 8.3 percent.

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