The Ministry for National Economy estimates that the volume of industrial output will be 7-8 percent for the entire year of 2015, following the 7.7 percent increase in the previous year. In light of industrial sector performance data of 2014 and 2015, the Hungarian economy has been on a sustainable, balanced growth path, Deputy State Secretary for Domestic Economy Áron Márk Lenner told public news channel M1.

Commenting on the latest industrial output data published by the Hungarian Central Statistical Office (KSH), the Deputy State Secretary pointed out that the Government aims to increase the industrial output-to-GDP ratio to 30 percent in Hungary. That goal is attainable, provided the current pace of growth persists, he added.

He stressed that Hungary’s industrial output continues to be driven higher by the motor vehicle sector, which has registered double-digit year-on-year output increases in past months. Expansion has mainly been the result of demand on external markets, such as high demand for new cars in Western Europe. Domestic demand, however, is also picking up.

(Ministry for National Economy)