In March 2017, output of the industrial sector grew by 13.4 percent year-on-year. In Q1 2017, output was up by 7.8 percent year-on-year. Output was higher in all thirteen manufacturing sub sectors. Incoming data show that year-on-year output growth in the Hungarian industrial sector significantly exceeded that of the EU and the three other Visegrad Group members.

In the past six months, output in the industrial sector rose from month to month, showing strong growth momentum in the sector. Output at industrial sectors, for example the manufacturing sector, which accounts for 96 percent of total industrial output, increased by 14.1 percent, while that mining, a sector of minor weight, rose by 17.7 percent.

Output at the motor vehicle industry, which has a 29 percent share of total manufacturing output, grew by 11.3 percent year-on-year. The manufacturing of road vehicles and road vehicle components, which together constitute 96 percent of output at the motor vehicle manufacturing sector, was up by 10.4 percent 10.9 percent, respectively. Output at manufacturers of computers, electronic and optical products, which account for 12 percent of total manufacturing sector output, soared by 23 percent. Within that, output at electronic consumer goods and communication equipment manufacturing was up by 33 percent and 34 percent, respectively.

The largest output growth of 31 percent was registered at the machinery and equipment manufacturers, a sector of medium weight. Two other sectors of medium weight saw remarkable output increases, too:  output at manufacturers of basic metals and fabricated metal products was up by 19.2 percent and at manufacturers of rubber, plastics and non-metallic mineral products it increased by 15.1 percent. The output of pharmaceutical products soared by 29 percent. Output at manufacturers of food, beverages and tobacco products, a sector with a 10 percent share of total manufacturing sector output, gained 8.1 percent. Since 2010 and the beginning of 2014, output of this sector has risen by 33.7 percent and 17 percent, respectively.

In comparison to last year, the Ministry for National Economy expects higher growth in the sector. Domestic and international confidence indicators as well as incoming data justify this prediction.

(Ministry for National Economy)