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Nov 09, 2020

Hungary’s exports and industrial output were up in September

According to data released by the Central Statistics Office (KSH) on Friday, Hungary’s exports and industrial output were up in September.

 

Hungary’s exports rose by an annual 4.6 percent to HUF 10.139 billion in September, according to KSH on Friday. Imports fell by 2.4 percent to 8.998 billion euros.

Figures show that there was a trade surplus of 1.141 billion euros in September, extending from 477 million in the base period. Industrial output was up an annual 2.2 percent in September.

When adjusted for the number of working days, annual industrial output fell by 1 percent in September. It increased by 2.3 percent from the previous month. From January-September, output dropped by an annual 9.2 percent.

Gergely Suppán, Takarékbank analyst, said Hungary’s industry had recovered from the pandemic crisis by September. He noted that it may continue to stabilize in the coming months.

Suppán expects full-year industrial output to contract by around 6.5-7 percent this year, forecasting output growth of up to 13-14 percent in 2021 due to the low base.

Péter Virovácz, senior economist at ING Bank, expects the industrial sector to continue with a positive performance in the fourth quarter. He noted that there are risks related to the disruptions to global supply chains caused by pandemic related measures.