Hungary's PMI hits a four-month low, expansion stalls amid high cost pressures

⑴ Hungary's HALPIN manufacturing PMI fell to 50.2 in May 2026, down from the previous value of 50.4, marking the lowest level since January and well below the long-term monthly average of 52.6. ⑵ New orders and production growth slowed during the month, while export demand tended to weaken. Although procurement activity maintained an upward trend, the pace slowed, and inventory levels continued to climb. ⑶ After previous weakness, employment showed signs of recovery, with a slight improvement in hiring conditions. Input costs continued to rise significantly, but the increase was smaller compared to April. ⑷ Supplier delivery times remained under pressure, reflecting ongoing supply chain challenges. Although overall manufacturing activity remains in expansion territory, it is significantly below the historical average for the same period, and the industry's growth pace is moderating.