Following an increase of 8.1 percent in March 2014, industrial output was up by 10.6 percent year-on-year in March 2014. This has been the best figure over the past three years. Recently published data are signalling the success of the Government’s active industrial policy which aims to increase the country’s industrial output-to-GDP ratio to the highest level within Europe, Minister of State for Economic Regulation Kristóf Szatmáry said.

Commenting on the latest data published by the Hungarian Central Statistical Office (KSH), the Minister of State pointed out that the outstandingly positive industrial output trend in place since the beginning of the year is mainly the result of the remarkable sales growth at vehicle manufacturers and related suppliers. However, he added, it is also a promising sign that following three tough years electronics industry output has been on the rise again. In the opinion of Kristóf Szatmáry, the fact that output growth was registered in eleven out of the altogether thirteen manufacturing sub sectors and in each Hungarian region in the first quarter is indicating that industrial expansion has been balanced.

Among March data, the Minister of State singled out output increases of 28.3 percent, more than 20 percent and 25 percent with regard to the vehicle manufacturing, consumer electronics and pharmaceuticals sectors, respectively. Kristóf Szatmáry emphasised he is expecting that in the coming months the industry’s upturn will continue, especially as the stock of new orders at manufacturing industry sub sectors soared by 28.1 percent. Within that, new export and domestic orders surged by more than 29 percent and some 20 percent, respectively.

Kristóf Szatmáry stated recent data are confirming that industrial stimulus measures of recent years have laid the foundation for the expansion of the Hungarian economy in general and the industry in particular, therefore the Government will continue to bolster the productive sector and pursue an active industrial policy in order to maintain the good performance of the Hungarian economy in the long term.

(Ministry for National Economy)