Latest Hungarian Activity Data Shows a Glass Half Full

2022. január 07.

ING Think

… or half empty, depending on who you are asking. Industry caused a significant upside surprise, while retail sales disappointed in November. We downgrade our 2021 outlook.

The Hungarian Central Statistical Office released the latest set of data about industry and retail sales. The picture is mixed but not in the way we used to see. In November, retail sales provided the downside surprise, while industrial production surprised to the upside. So what we gained on the swings we lost on the roundabouts.