Hungary: Industry Hit Hard by Coronavirus

2020. május 07.

ING Think

In a way, the current crisis is like 2008-2009. Industrial production dropped by 10.4% on a monthly basis in March, translating into a 10% year-on-year contraction. It was the start of the Great Recession when industry last posted such a huge drop. But it can also feel like the summer of 2017. The level of industrial production in March 2020 dropped to a level last measured in mid-2017 - one month of freefall erasing almost three years of industrial production gains. The contraction was even bigger than the expectations of the most pessimistic local forecasts. Details and charts...