Feb 12, 2016 - Ministry for National Economy

Industrial Output on a Sustainable Growth Path

In December 2015, the volume of industrial output grew by 9.4 percent year-on-year, and thus the sector expanded by 7.5 percent in the year 2015. Current data show that the Hungarian industrial sector posted sustainable, balanced growth and now there is a realistic opportunity for Central and Eastern Europe – within that for Hungary – to become the growth engine of the EU, Deputy State Secretary for Economic Development and Regulation István Lepsényi said at a press conference where he presented the Governm

Manufacturing sector output rose by 8.1 percent year-on-year. At current prices, output volume totalled HUF 26 000bn in the observed period. Out of the three largest manufacturing sub-sectors, the most remarkable output increase was registered within the motor vehicle manufacturing sector (17.2 percent), followed by the manufacturing of computers, electronic and optical products (6.4 percent) in the year 2015. The Deputy State Secretary stressed that in light of achievements of recent years, Hungarian reforms have proven to be working: the Government has managed to reach several goals upon which the new industrial policy strategy can be built.

István Lepsényi reiterated that the Government aims to bring the industrial output-to-GDP ratio to 30 percent by 2020, and thus turn Hungary into one of the most highly developed industrial countries in the EU.

The Ministry for National Economy – in harmony with the re-industrialization efforts of the Government – has evaluated economic sectors through which the economy could reach a higher development level. The now completed Irinyi Plan is a summary of this work. The strategy had been presented for the Government on 5 February 2016 and it has been approved since then.

The Irinyi Plan provides a comprehensive overview of the EU’s industrial strategy, the current status of the Hungarian industrial sector (business environment, industrial development support system). It also presents the five pillars through which manufacturing sector growth can be secured for the coming period (new technologies, utilization of digital technologies, energy- and material efficient production methods and instruments; mitigation of regional inequalities, stimulating job creation and facilitating employment growth and optimising the utilization of domestic resources.)