FX.co ★ Hungary Industrial Output Contraction Confirmed at 2.5%

Hungary’s industrial output fell by 2.5% year-on-year in January 2026, in line with preliminary estimates and reversing a 1.8% increase recorded in December. Manufacturing, which accounts for 93% of total industrial production, contracted by 2.6% after a 3.9% rise in the previous month, as output declined in the vast majority of its sub-sectors.

The sharpest drops within manufacturing were registered in:

• coke and refined petroleum products (-33.0% vs -34.7% in December),
• chemicals and chemical products (-26.7% vs -12.1%),
• rubber and plastics products, and other non-metallic mineral products (-12.2% vs +2.1%).

Mining output plunged by 45.2%, deepening from an 18.4% decline in December. In contrast, production in electricity, gas, steam, and air conditioning rebounded, expanding by 6.7% after a 20.8% drop in the previous month.

On a seasonally adjusted month-on-month basis, overall industrial activity increased by 1.5% in January, following an upwardly revised 1.0% gain in December.