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Industrial sector output on the rise

D&T
July 12, 2017

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, i
n 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.

D&T

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