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Industrial Production Falls 4% y/y; Retail Sales Contract Further

HUNGARY
  • Industrial production fell 4% y/y (Est: -2.7%) in March versus -4.6% in February, according to data released by the Central Statistical Office this morning. The monthly figure rose 0.2% m/m versus +0.3% prior.
  • Hungary’s retail sales fell 13.1% y/y (Est: -13.0%) in March versus -10.1% in February, dropping for the fourth consecutive month in a row. Adjusted food sales fell 10.3%, non-food sales dropped 9.6% and vehicle fuel sales were 29.3% lower.
  • The European Union "is withholding Hungary's funds owing to political reasons, unfairly, and without any legal basis," Foreign Minister Peter Szijjarto is quoted as saying by MTI yesterday. He added that the European Commission's conditions were piling up and were "becoming unfair" since "Hungary has already met the requirements but there is always a new one."
  • The second day of Conservative Political Action Conference (CPAC) takes place in Budapest today, featuring right-wing US politicians and Hungarian ministers. There are no more data releases scheduled.
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