ING: industrial production data show mixed results

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According to ING chief economist Péter Virovácz, June’s industrial production data released by the Central Statistical Office on Friday presents a somewhat mixed picture, writes the business daily Világgazdaság.

Virovácz points out that seasonally and calendar-adjusted data show that industrial production volumes fell 0.3% month-over-month, but adds that this drop cannot be considered drastic at all, being as supply chains around the world are experiencing extraordinary disruptions.

The auto industry has been hit hardest by the shortage of spare parts and the fragmentation of supply chains, and due to the shortage of chips, Audi Hungária also had to temporarily halt production in June. However, this could be offset by the performance of other sectors,

So overall, the Hungarian industry proved to be quite resilient in June, and the performance of the Hungarian economy in the second quarter of 2021 may have reached the 2% growth measured in the first quarter, concluded Virovácz.

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