In October 2015, the volume of industrial output grew by 10.1 percent year-on-year, and thus the sector’s has been expanding for the 26th consecutive month. In the period January-October 2015, output was up by 7.1 percent year-on-year. The sector’s growth has been steady: output was higher in eleven of the sector’s altogether thirteen divisions and industrial output rose in every region.

The month-on-month index – adjusted for seasonal- and workday-effects – also rose by 1.7 percent.

Output growth was again the result of manufacturing sector performance in general and motor vehicle and related sub sectors in particular. Output at these sub sectors gained 10.7 percent as a whole. Within the motor vehicle manufacturing sub sector, which accounts for some one-third of total manufacturing output, the volume soared by 26.9 percent year-on-year, well above average, while the related rubber product manufacturing sub sector recorded growth of 12.8 percent.

The fact that the volume of total orders increased outstandingly year-on-year -- by 20.1 percent -- in the month of October at priority sectors signals further growth in the short term. New domestic and export orders were up by 22 percent and 20 percent, respectively. Thus, the total stock of orders grew by 11.4 percent compared to data in October 2014.

Confidence indicators continue to show an upbeat picture and most of them edged higher in November. Hungary’s PMI was also stronger in terms of future expectations in November and, following a slight fall in the previous month, it has now reached an impressive level. Positive industrial output data also signal that Hungarian reforms are working.

(Ministry for National Economy)