Supply chain issues in car manufacturing is still a thing but at least producers were able to ramp up capacity utilisation in February. This translated into a significant rebound in production
Industrial production, YoY
ING forecast 0.7% / Previous -2.8% (Working Day Adjusted)
Car manufacturing faced tough supply-side constraints in January as there was a shortage in semiconductors and chips. It translated into shutdowns and a reduction in shifts. The problem hasn’t been fully resolved yet, but car producers were able to restart their operations, which translated into a significant month-on-month jump in output. Industrial production increased by 4.8% MoM in February 2021, outperforming all expectations. With that rebound, industry’s output was up by 1.9% YoY and adjusting for working days, it is even better at 3.9% YoY.
Performance of Hungarian industry
So, this looks pretty good but it doesn’t mean that Hungarian industry is out of the woods. As usual, the recent data release from the Statistical Office doesn't contain any detailed figures, just highlighting that almost all of the subsectors performed well.