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Although the economic situation hit by war and sanctions has temporarily slowed down industrial performance and some of its segments, it is encouraging that among the most important industries of the Hungarian economy- vehicle manufacturing and the production of electrical equipment, including batteries- are showing steady growth.
Gergely Fábián, State Secretary for Industrial Policy, recalled in a statement issued by the Ministry of Economic Development (GFM), that according to the Central Statistical Office, the volume of industrial production decreased by 8.3 percent in April 2023, compared to a year earlier, which is certainly reaching its lowest point, and represents a 2.5 percent decline compared to the previous month.
The State Secretary added that these sectors, which boost the country’s competitiveness, could become increasingly important industrial areas as electromobility takes hold.
As István Joó, CEO of Hungarian Investment Promotion Agency (HIPA), said in an interview with Portfolio,
continuous investment will ensure the development of the national economy and the Hungarian automotive industry for decades to come.
Agreements with investors are also monitored by the government, as the parties can only reach an agreement if they comply with strict environmental standards.
The production of batteries is significant to this sector. Photo: Facebook/Audi Hungaria Győr
In the statement, Fábián also stressed that the government is doing its utmost to protect jobs, stave off recession, and beat punitive inflation. This is the aim of the government’s economic development programs, which provide more than HUF 3,100 billion (EUR 83,970 million) in liquidity to businesses, and together with the interest rate freeze, will boost economic growth (GDP) by two percentage points.
The State Secretary for Industrial Policy said that the government is actively consulting with key companies and stakeholders in Hungarian industry to increase the competitiveness and performance of the sector, and will build on this to develop a new industrial strategy for the country and a competitiveness package for the logistics sector.
via MTI, Featured image: Facebook/Audi Hungaria Győr