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Industrial Production Falls 6.1% y/y, Pointing to Deeper Recession

HUNGARY
  • Hungary’s industrial production fell 6.1% y/y in August versus a revised -2.6% in July, well below estimates of a smaller 2.9% contraction. The monthly figure fell 2.4% versus +2.8% the month prior. Earlier in the week, data showed retail sales fell 7.1% y/y (Est: -5.7%), pointing to a steeper drop in consumer demand and the potential of a deeper recession.
  • Prime Minister Orban met European Council President Charles Michel for bilateral talks in Granada, where he reiterated Hungary's stance on EU funds owed to the country, the increasingly severe migration situation on the continent's borders, the bloc's economic slowdown and decline in competitiveness as well as the issue of the EU budget, MTI report.
  • There are no other major data releases or speaker events scheduled for the remainder of the day.
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