Data from the month of May 2015 also prove that that the Hungarian industrial sector has been among the fastest-growing economic sectors of Europe. In May 2015, the volume of industrial output was up by 6.2 percent year-on-year, and thus the sector has been expanding for the 21st consecutive month. The largest output growth of 14 percent was recorded in the Southern Great Plain region.

According to the Hungarian Central Statistical Office (KSH), compared to the corresponding period of the previous year industrial output grew by 1.5 percent in May 2015, while workday-adjusted data show an increase of 6.2 percent. The discrepancy stems from the fact that in May 2014 there were 21 working days, while in this May there were only 19. The main growth engine of the Hungarian industry continues to be the motor vehicle manufacturing sector, which constitutes 30 percent of total manufacturing output, with an output increase of 9.5 percent.

In the initial five months of 2015, industrial output soared by 6.3 percent year-on-year. The volume of exports – constituting some two-thirds of total sales volume – was up by 8.8 percent, while domestic sales were some 3.1 percent higher. Industrial output per employee at enterprises with at least five employees grew by 3.5 percent, while headcount increased by 3 percent.

As far as geographic aspects are concerned, industrial output was higher in every Hungarian region. While the largest growth was recorded in the Southern Great Plain region, the rate of expansion varied between 1.6 percent and 9.7 percent elsewhere in the country.

In May 2015, the volume of industrial exports was up by 4.1 percent year-on-year. The export volume of motor vehicle manufacturing products, which constitute 37 percent of the total volume of manufacturing sector exports, grew by 8.6 percent. The volume of manufacturing sector orders increased by 13 percent compared to the same month in 2014. Within that, the volume of domestic and export orders were 7.9 percent and 13 percent higher, respectively.

Industrial production has been increasingly contributing to economic growth. This trend has been in line with the Government’s policy to reach the highest industrial output-to-GDP ratio in Europe.

(Ministry for National Economy)