In May 2017 and in the initial five months of 2017, the industrial sector posted output growth of 8.8 percent and 5.7 percent, 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 percent, and since the beginning of 2014 it has increased by 17.2 percent in Hungary.

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 percent and 42 percent, respectively. Output was higher in all but two sub sectors of the manufacturing industry, a sector with altogether 13 sub sectors accounting for 96 percent of industrial output. Output at the automotive sector, representing some one-third of total manufacturing sector output, soared by 10.7 percent 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 percent, 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.

Following a lacklustre trend last year, industrial output growth is expected to be dynamic this year, a projection confirmed by currently available data and business sentiment indices.

(Ministry for National Economy)