Industrial sector growth of 7.5-8 percent recorded in 2015 may be repeated in 2016, Deputy State Secretary for Domestic Economy said, commenting on the latest data published by the Hungarian Central Statistical Office (KSH).

As the KSH reported, in December 2016 the volume of industrial output rose by 9.4 percent year-on-year, while in the entire year of 2015 output was up by 7.5 percent compared to 2014.

The Deputy State Secretary stressed that provided the industrial sector can maintain this pace of growth, the Government objective – to increase the industrial output-to-GDP ratio to 30 percent – will be attainable.

Currently, the industrial sector generates 24 percent of GDP. It is important to achieve a higher figure, Áron Márk Lenner said, as countries with robust productive sectors have a better chance to overcome an economic crisis with only minor damages.

The Ministry’s experts say that the industrial sector continues to be fuelled by the motor vehicle sector and related suppliers, but electronic and metal product manufacturers were also accelerating output in December 2015.

(Ministry for National Economy)