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Hungary Exports and Industrial Output up in September

MTI-Hungary Today 2020.11.06.

Hungary’s exports rose by an annual 4.6 percent to 10.139 billion forints in September, according to a first reading of data released by the Central Statistics Office (KSH) on Friday.

Imports fell by 2.4 percent to 8.998 billion euros.

Hungary posted a trade surplus of 1.141 billion euros in September, widening from 477 million in the base period.

In addition, Hungarian industrial output was up an annual 2.2 percent in September, based on a first reading of unadjusted data, KSH reported.

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.

In Jan-Sept, output dropped by an annual 9.2 percent.

Takarékbank analyst Gergely Suppán said Hungary’s industry had recovered from the pandemic crisis by September and may continue to stabilise in the coming months. He said he 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.

EC Economic Forecast: Hungary Economy to Contract 6.5% in 2020
EC Economic Forecast: Hungary Economy to Contract 6.5% in 2020

The European Commission published its autumn economic forecast on Thursday, projecting Hungarian GDP would fall by 6.5 percent this year. The projection is an improvement from a 7.0 percent decline in a forecast published in July. The forecast expects Hungarian GDP to grow by 4 percent in 2021, a scale-back from the 6 percent estimated […]Continue reading

Péter Virovácz of ING Bank said he expected the industrial sector to continue to put in a positive performance in the fourth quarter, considering the expanding stock of orders, but he noted risks related to the disruptions to global supply chains caused by pandemic-related measures.

featured image illustration by Csaba Krizsán/MTI