ING: Industrial production data shows mixed picture

Analysis

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According to ING’s chief economist Péter Virovácz, the June data on industrial production published by the Central Statistical Office on Friday show a somewhat mixed picture, writes business daily Világgazdaság. 

Virovácz points out that seasonally and calendar-adjusted data show that industrial production volumes fell by 0.3% month-on-month, but adds that this decline cannot be considered drastic at all, given that supply chains worldwide there are extraordinary interruptions. 

The automotive industry was hit hardest by the shortage of spare parts and the fragmentation of supply chains, and due to the shortage of chips, Audi Hungária also had to temporarily stop production in June. However, this could be offset by the performance of other sectors, 

Thus, all in all, Hungarian industry proved to be quite resilient in June, and the performance of the Hungarian economy in the second quarter of 2021 may have reached the 2% growth measured in the first quarter, Virovácz concluded.

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