In October 2015 and in the initial ten months of the year, industrial output in Hungary rose by 10.1 per cent and 7.1 per cent, respectively, year-on-year.
As Deputy State Secretary Áron Márk Lenner said, commenting on the latest data released by the Hungarian Central Statistical Office, the Ministry for National Economy is expecting similar data for the remainder of the year, as both Hungarian and German confidence indices are pointing to continuing growth momentum.
Áron Márk Lenner added that thanks to motor vehicle demand from Western Europe, the car manufacturing sector has remained the largest growth engine among sectors. Hungarian car manufacturers and their suppliers have recently registered massive increases in the volume of orders which signals that demand has not weakened, he said. While the slow-down of China’s economy does pose a risk, it has hitherto left the Hungarian industrial sector unaffected.
As he stressed, besides the motor vehicle manufacturing sector, the new EU development funds in related sub sectors, such as the rubber product and chemicals sector, are also expected to contribute to next year’s expansion.
Exports are a major determinant within the Hungarian economy and the industrial sector. More than 80 percent of exports go to the EU, within that to Germany and Austria. The rest, 20 percent, heads to other parts of the world. Through the Opening to the East and Opening to the South policies, the Government is aiming to establish new economic ties and thus diversify export markets, he emphasised.