In November 2014, industrial output was some 6 percent higher year-on-year, and it has increased by more than 3 percent since October 2014. Thus, the sector has been growing for the fifteenth consecutive month. Growth is a based on a sound structure, as output was up not only in every Hungarian region but in each manufacturing sub sector as well.

In line with preliminary data, industrial output was 5.8 percent higher in November 2014, in comparison to the corresponding period of the previous year. In the initial eleven months of 2014, output was up by 7.6 percent year-on-year. Monthly data adjusted for seasonal and calendar effects show growth of 3.3 percent.

Manufacturing industry expanded by 6.7 percent compared to the corresponding period of the previous year. In November, growth was recorded in ten out of the altogether thirteen sub sectors of the manufacturing industry. Output data at the most significant manufacturing division, vehicle manufacturing, showed double-digit growth again (19 percent).

The volume of industrial exports in January-November 2014 and November 2014 was up by some 9.7 percent and 8 percent, respectively, year-on-year. Exports of the vehicle manufacturing sub sector soared by 22.9 percent in November.

The fact that the volume of total orders at manufacturing sub sectors was 23.1 percent higher and within that the volume of new export orders jumped by 28 percent in November signals further expansion of the sector. Over the past one year, the volume of orders increased by 23.8 percent.

In addition to the steady excellent performance of the Hungarian industrial sector, growth recorded in foreign trade turnover, employment rate, investment volume, retail, tourism and construction sector output as well as in the country’s GDP (above 3 percent and one of the best growth rates within the EU) are recent remarkable achievements.

(Ministry for National Economy)