• Coronavirus in Hungary
  • Budapest
  • Hungary border control
  • HelloMagyar
EnglishFrenchGermanSpanish
EnglishFrenchGermanSpanish
Industrial sector output up by some 40 percent since 2010Industrial sector output up by some 40 percent since 2010Industrial sector output up by some 40 percent since 2010Industrial sector output up by some 40 percent since 2010
  • Politics
  • Business
  • Society
  • Sport
  • Culture
  • Special Hungary
  • News To Go
  • World
  • Contact Us
  • About us
  • About us
  • Contact Us
  • Privacy Policy
✕
Breaking News
Support us
Zsóka Kovács Zsóka Kovács · 13/12/2017
· Business

Industrial sector output up by some 40 percent since 2010

economy industrial labour market tax/VAT
labour shortage

In October 2017, the volume of industrial output grew by 7.6 percent year-on-year, while in the period January-October 2017 output increased by 5.4 percent. Since January 2010 and the beginning of 2014, the sector’s output gained 37 percent and 20.3 percent, respectively, in Hungary. The latter figure places Hungary as first in terms of industrial output growth within the region, and it is well above the 7.9 percent average increase in the European Union.

Out of economic sectors, the output volume at manufacturers, the sector with the largest weight, added 8.2 percent to the overall increase, while mining and quarrying contributed with growth of 48 percent. Output was higher in all but one industrial sub sectors. With 3.5 percent year-on-year growth, motor vehicle manufacturing was the most successful sector as output has been doubled since 2010. In the observed period, output at rubber products manufacturers, a sector closely related to the car industry, increased by 13.9 percent.

Metal products manufacturing, crude oil refining, textile, electronics as well as machinery and equipment manufacturing all closed the month with double-digit output growth.

In comparison to the same period of 2016, industrial output was higher in every Hungarian region. Above-average growth was registered in Southern Transdanubia, Central Transdanubia and Northern Hungary.

The fact that the rate of corporate income tax was reduced to 9 percent as of 1 January 2017 and the volume of manufacturing sector investment rose by 15.8 percent in Q1-Q3 2017 is expected to underpin this positive trend.

The implementation of the Irinyi Plan is yet another factor aiming to facilitate output growth.

Source: kormany.hu – press release

economy industrial labour market tax/VAT
Share
Zsóka Kovács
Zsóka Kovács

Leave a Reply

Your email address will not be published. Required fields are marked *

SUPPORT US

Subscribe to our newsletter

Sign up to receive daily updates, news & stories about Hungary!

Select your location below or enter your country so we can deliver our morning newsletters to you in time.


Thank you!

You have successfully joined our subscriber list.


.

Latest news
  • ‘Brussels bureaucracy’ attacking Hungary for political reasons?
  • Hungary’s trade expected to be record-breaking in 2023 with this small country
  • PHOTOS: Extreme cold to come next week in Hungary, snow, frost covers the country
  • Diplomatic conflict between the USA and Hungary worsened: Orbán helps Putin redraw Europe’s map?
  • Hungarians think Ukraine should end the war even if it loses territories
  • Hungary is developing electric garbage trucks
  • Orbán holds talks with Rheinmetall CEO: We must defend Hungary
  • Hungarian justice min asks EC whether it’s involved in supporting opposition with money

About us

Contact us

Copyright rules

© 2023 DailyNewsHungary. All rights reserved! | Server and development by Svigelj Levente E.V