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Hungary’s industrial output rose by 4.5 percent in September

Hungary’s industrial output rose by 4.5 percent in September

In September 2017 and in the period January-September 2017, the volume of industrial sector output grew by 5.4 percent and 5.2 percent year-on-year, respectively. Since January 2010, the sector’s output has been up by more than 35 percent, and thanks to favourable economic conditions the sector’s expansion is expected to continue.

Output at manufacturers, a predominant sector, increased by 5.7 percent year-on-year, while that of mining, a sector of small weight, grew by 14.6 percent. Output in the energy sector edged down by 2.6 percent. Although output at motor vehicle manufacturers, which sector accounts for some one-third of total manufacturing output, declined by 1.8 percent,

this division’s performance has been the most remarkable since 2010, as output has been doubled in this period.

Output at manufacturers of rubber products, a closely related sub sector, was up by 4.9 percent. Manufacturers of pharmaceuticals, mineral oil products, electric goods, metals and textile products posted double-digit output growth figures.

In comparison to the same period of the previous year, industrial output was higher in each Hungarian region. The pace of output volume growth was higher than the country-wide average in Central Transdanubia, Northern Great Plain and Northern Hungary. Since January 2010, the sector’s output has increased by 35.3 percent, while compared to the beginning of 2014 it has been up by 18.8 percent. Favourable global economic conditions and new manufacturing sector projects are also expected to continue to boost the sector’s expansion.

The outlook in the motor vehicle manufacturing sector is also encouraging:

in May, Samsung’s e-battery factory was opened in Göd, and Audi’s e-engine production is scheduled to begin at the end of 2018/beginning of 2019 in Győr. In coming years, Mercedes is also expected to complete a project of some HUF 500bn in Kecskemét.

Source: kormany.hu – press release

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