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Industrial production down 10% y.o.y. in March

In March 2020 the volume of industrial production in Hungary declined by 10% year-on-year, according to working-day adjusted data by the Central Statistical Office (KSH).

Based on non-adjusted data, production fell by 5.6%.

KSH notes that the economic effects caused by the coronavirus epidemic were already significant in this period.

Out of the largest weight carrying subsections in manufacturing, a significant fall was observed in the manufacture of transport equipment.

On the other hand, the manufacture of computer, electronic and optical products slightly grew.

The rate of growth accelerated in the manufacture of food products, beverages and tobacco products. The production volume decreased in the majority of the other subsections.

Production was 0.1% higher in the first three months of the year than in the same period of the previous year.

Industrial output in March – according to seasonally and working-day adjusted indices – was 10.4% below the level of the previous month.