Vehicle manufacturing: 10pc of Hungarian GDP

Hungary’s vehicle manufacturing industry produced some EUR 18 bn last year, which amount constitutes 18% of the total Hungarian manufacturing industry output, 10% of Hungary’s GDP and 18% of total Hungarian exports, Minister for National Economy Mihály Varga said at the ceremony for presenting the 'Award for Successful Enterprises', the first such event this year.

Mihály Varga pointed out that winners of this month’s 'Investor of the Month', 'SME of the Month' and 'Start-up of the Month' awards were related to vehicle manufacturing. They are Hankook Tire, a company which has picked Hungary as the location for its first factory outside Asia where more than 12 million tires are produced each year; Magyarmet Finomöntöde Bt, an enterprise with annual turnover of some HUF 3bn and 200 employees; and Now Technologies Ltd., the developer, among others, of an innovative wheelchair controller module.