In November 2017 and in the period January-November 2017, the volume of industrial output increased by 3.4 percent and 5.2 percent year-on-year, respectively, in Hungary.

Since 2010, output has grown by more than 36 percent, while the motor vehicle industry has doubled output in the observed period. Output growth in November was mainly due to dynamic production increases in the metals, oil processing, rubber and electronic product manufacturing sectors. Out of industrial sub sectors, the largest output growth of 74.2 percent was recorded in mining and quarrying, a division of minor weight.

Output of the energy industry gained 3.7 percent, while that of the manufacturing industry increased at a similar rate of 3.1 percent.

Higher output was registered in ten out of the altogether thirteen manufacturing sub sectors. A comparison of the performance of these sub sectors since 2010 reveals that the manufacturing sector has continued to be the most productive: output has increased almost two-fold in this period.

Double-digit increases were recorded at manufacturers of metals, oil and pharmaceuticals products. The third largest sub sector, electronics manufacturing, also posted robust growth, thanks to mainly to the production of electronic household goods and communication equipment. The rate of growth was similar concerning output at textiles and machinery manufacturers as well as in the forestry sector.

Since January 2010 and 2014, the industrial sector’s output has increased by 36.7 percent and 20.0 percent, respectively. The latter figure places Hungary on top of the ranking among countries in the region. Several Government measures, such as incentives to increase production capacity, projects implemented under the Irinyi Plan and a corporate income tax rate now reduced to 9 percent, are all underpinning future growth.

(Ministry for National Economy)