Industrial sector output on the rise

In May 2017 and in the initial five months of 2017, the industrial sector posted output growth of 8.8% and 5.7%, respectively, compared to the corresponding period of the previous year. Thus, Hungarian data have beaten corresponding EU averages. Since January 2010, the sector’s output has been up by 33.8%, and since the beginning of 2014 it has increased by 17.2% in Hungary.

According to a statement by the Ministry
for National Economy, in the fifth
month of the year, output at the manufacturing sector, the industrial sub
sector with the largest weight, and at the less significant mining sector grew
by 8.8% and 42%, respectively.

Output was higher in all but two sub sectors of
the manufacturing industry, a sector with altogether 13 sub sectors accounting
for 96% of industrial output. Output at the automotive sector, representing
some one-third of total manufacturing sector output, soared by 10.7% compared
to May 2016.

The electronics industry has also expanded spectacularly, thanks
to the higher output of electronic consumer products. Output growth at
machinery and textile manufacturers was above 20%, as a result of rebounding
sales in Hungary and abroad. The automotive sector has been the most successful
among manufacturing industry sub sectors: since 2010, the sector’s output has
doubled, and the number of people employed by the sector has risen more than
two-fold over the past seven years.