The annual Hungarian growth rate was the third highest among the reporting Member States after Spain (19.8%) and France (18.7%), both of which suffered a significant downturn in the base period. In terms of quarter-on-quarter growth, Hungary was outgrown by Portugal (4.9%), Austria (4.3%), Latvia (3.7%), the Netherlands (3.1%) and Spain (2.8%).
Among the Visegrad countries, on a quarterly basis, the Czech economy expanded by only 0.6%, the Slovak economy by 2.0% and the Polish economy by 1.9%.
In July, inflation fell from 5.3% in the previous month to 4.6%. The increase in excise duty on tobacco products continues to play a role in this, bringing the price of tobacco products up 18.1% in one year. Inflation was also significantly affected by the 19.8% rise in fuel prices. Food prices were 3.1% and service prices were 2.9% higher than a year earlier.
Remark: Seasonally and working-day adjusted data from the first estimates.
Based on raw data, industrial output was 22.0% higher in June than in the same period of the previous year, while it was 18.6% higher based on working-day adjustment data. Output shrank by 0.3% in one month. The low baseline figure played a significant role in annual growth. The June sales volume was 17.7% higher than one year earlier. Within this, domestic sales increased by 23.4% and export sales by 14.4%.
Remark: Seasonally and working-day adjusted data
Source: HCSO, Századvég
|Output||Domestic sales||Export sales|
Taking a closer look at the subsectors of the industry, one can see that output increased in mining (27.6%), manufacturing (22.2%) and the energy industry (12.8%) in June. Within the manufacturing industry, the largest expansion (69.9%) was achieved by the electrical equipment manufacturing sector, followed by coke production and oil refining with 37.7% and the metals industry with 33.5%. The output of the important automobile industry was 13.6% higher than one year before. At the end of June, the order books of key manufacturing industries were 8.8% larger than a year earlier. Within this, the volume of domestic sales orders was 1.4%, while that of export sales orders was 9.3% higher than a year earlier. The volume of new sales orders was 5.6% higher than one year before. Within this, the volume of new domestic sales orders increased by 21.4%, while that of new export sales orders increased by 3.3%.
In May, the number of employees was close to pre-coronavirus levels.
In June, according to seasonally adjusted data, the number of employees increased by 5,000 to 4,640,000. This represents an annual increase of 76,000, but the number of employees is still 20,000 lower than in December 2019. In June, activity also increased, by 9,000 on a monthly basis and by 31,000 on an annual basis, so the activity rate in the 15-74 age group was already 65.7 percent.
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