The innovation activity of Hungarian companies has moved from its lowest point

By: Trademagazin Date: 2023. 11. 27. 10:14

In the unfavorable economic situation, the innovation activity of Hungarian companies stagnates at an unchanged low level, according to the second half-year survey of K&H’s innovation index. The company managers primarily focused their innovative intent on streamlining the background processes, thus trying to make their company’s operation more efficient. In addition, companies are increasingly developing in the field of cyber security. The largest companies are at the forefront of innovation.

“Would this be the light at the end of the tunnel?” – asks Balázs Németh, K&H’s head of innovation, as K&H’s innovation index – after 12 months of stagnation – rose by only 1 point to 29 points in the second half of 2023, which still corresponds to below-average performance. The autumn survey of K&H’s research, which has been repeated every six months since 2021, suggests that the innovation activity of Hungarian companies has probably moved from its lowest point. It is still too early to open champagne.

According to every second (52%) company manager, innovation plans were somewhat or significantly influenced by the unfavorable economic situation (this proportion was still 60% in the first half of 2023). Company managers are slightly more optimistic about the near future than they were half a year ago, since “only” every second (50%) of them could be affected by the economic situation in a somewhat or significantly negative way (this figure was 56% in the spring).