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Industrial Production Falls Most Since June 2020

HUNGARY
  • Hungary’s industrial production fell 8.7% y/y (Est: -7.8%) in December versus a revised -5.3% in November, according to the Central Statistical Office. That is the lowest recording since the pandemic in July 2020. Month-on-month, industrial production fell 0.3% compared to -2.2% m/m in November.
  • Meanwhile, retail sales fell 0.2% y/y after falling a much deeper 5.4% y/y in November. Adjusted food sales rose 1.3% y/y, non-food sales dropped 3.0% and vehicle fuel sales were up 3.8%.
  • Hungary plans to channel HUF 450bln to micro-, small- and medium-sized companies from the second quarter to boost economic growth to around 4% in 2024, the ministry said in an emailed statement seen by Bloomberg.
  • Looking ahead, CPI data on Friday is the key risk event in Hungary. As per the median estimate of the Bloomberg survey of analysts, the headline figure likely fell from +5.5% y/y in December to +4.3% in January.
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