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Car Factories Boost Hungary's Economy As Industrial Output Rose 7,1% In December

By Tamás Székely // 2015.02.13.

Hungary’s industrial output had grown by an annual 7.1% last December, the Central Statistical Office said in a second reading. Compared with November, output dropped by 1.7% in seasonally and working day adjusted figures. These latter figures showed that December figure rose by 4.6% from the same month in 2013. For the whole year, industrial output in 2014 was 7.6% higher than the year before.

The volume of output regarding vehicle manufacturing jumped by 11 percent in last December, while that of food, beverages and tobacco products increased by 4.1 percent. The output at machinery and equipment manufacturers soared by some 24 percent. Output volume of electronic consumer goods skyrocketed, posting 62 percent growth in the observed period. Full-year growth in 2014 within the manufacturing sector reached 8.6 percent compared to 2013, Béla Glattfelder, Economy Ministry’s minister of state, said.

Several factors show that industrial sector expansion has been based on a sound footing, Glattfelder said. For example, in December 2014 ten out of thirteen manufacturing sub sectors recorded higher output; growth was underpinned by upward export and domestic consumption trends; and industrial output was up in each region, he said. The Minister of State is expecting a lasting positive trend, as the total volume of new orders in December was up by 14 percent year-on-year. Within that, the volume of new export orders soared by more than 15 percent. In comparison to December 2013, the stock of orders was up by some 19 percent.

Meanwhile, in December 2014, construction output was 2.2% lower than in December 2013, KSH said. Output decreased by 4.9% in the construction of buildings and was up by 1.2% in the case of civil engineering. In 2014 output grew by 14.2% compared to 2013.  KSH also reported, on the basis of the first estimation of HCSO, that the gross domestic product of Hungary had increased by 3.4% in the fourth quarter of 2014 compared to the corresponding period of the previous year.

via ksh.hu, hungarymatters.hu and kormany.hu photo: Gergely Botár – MTI / kormany.hu