The Central Statistical Office (KSH) said on Wednesday that Hungarian industrial output rose by an annual unadjusted 4 percent in July, up from an increase of 1.5 percent in the previous month. Data adjusted for the number of working days showed an annual increase of 6.6 percent in July. Month on month, output was up 1.1 percent based on seasonally and working day-adjusted data.
According to MTI, the growth was driven by the leading sectors in Hungary, such as vehicle manufacturing and the manufacturing computer, electronics and optical products. The output of food, beverage and tobacco products lagged behind. In January-July, output grew by an annual 4.9 percent. The Ministry of Technology and Industry (TIM), commenting on the data release on Facebook, said industrial output had exceeded the pre-pandemic level in January 2020 by 7.6 percent. The ministry said the expansion of Hungarian industrial output was record-breaking amid a gloomy international economic climate. With skyrocketing energy prices and supply chain disruptions, however, the outlook is hard to predict, it added.
The ministry noted the recently announced HUF 3,000 billion investment by China’s CATL in Debrecen as well as other investments linked to electric cars and battery production, alongside new defence-related projects, were expected to enhance the industrial sector’s performance.
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