Hungary’s seasonally-adjusted Purchasing Managers Index (PMI) plummeted to 29.1 points in March from 50.3 in February, showing the impact of the coronavirus pandemic, the Hungarian Association of Logistics, Purchasing and Inventory Management (Halpim), which compiles the index, said on Wednesday.
An index value above 50 shows expansion in the manufacturing sector, while a value under 50 signals contraction.
Among the sub-indices that comprise the PMI, the new orders index and the production volume index both fell under the 50-point mark.
It is the lowest value of the index since 1995.
The employment index also dropped and was under 50.
Delivery times were longer than in February.
Purchased inventories were down for the second month in a row after expanding for a period of 37 months.
Featured photo illustration by Szilárd Koszticsák/MTI