The contraction just ended in the manufacturing sector was unprecedented in the 15-year history of the Hungarian index. The previous longest period of drops lasted five months between August and December 1998.

    The conraction deepened in the autumn of 2008 with the first effects of the global financial and economic crisis. It bottomed out at 38 in January 2009.

    The unadjusted index also rose sharply, to 50.0 in January from 41.5 in December.

    All sub-indices were above 50 in January and only the index of purchase prices and that of employment indicated slower grwoth compared to December.