Good news: Hungarian industry sector shows signs of life

Output of Hungary’s industrial sector rose by an annual 1.8 percent in February, increasing for the first month in about a year, the Central Statistical Office (KSH) said in a first reading of data on Friday.

February output rose by 1.4 percent when adjusted for the number of workdays. Output of most manufacturing sector branches contributed to the increase, KSH said. Among the biggest segments, output of the automotive as well as food, drinks and tobacco industries rose, while output of the electrical equipment and computer, electronics and optical equipment segments declined, it added.

Month on month, output increased by a seasonally- and workday-adjusted 3.5 percent. For the period January-February, industrial output edged down by an annual 0.9 percent. KSH will release detailed data on output of all industrial sector branches on April 12.

Commenting on the data, the national economy ministry noted that a slight increase in exports had a positive impact on the industrial sector’s output in addition to an increase in domestic demand.

The ministry noted the government’s goal to refuel economic growth this year and increase it further in 2025. Increasing the country’s industrial output is essential in achieving the goals of the Baross Gabor Reindustrialisation Credit Programme, the Szechenyi Card programme and schemes promoting the development of food industry suppliers and home refurbishment, among others, the statement said.

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