The wave of development in Hungarian agriculture continued

By: STA Date: 2022. 09. 05. 13:42

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The amount of agricultural investments increased by almost 21 percent in the first quarter of this year, and by more than 25 percent in the second quarter. The developments that have already been implemented also contribute to bridging the current wartime economic situation through the increase in efficiency.

Several hundred billion forints were invested in agriculture (Photo: Pixabay)

The government program Megujuló vidék, renewable agriculture, which serves the comprehensive technological renewal of the agriculture and food industry, was able to have a significant impact on developments even in the increasingly difficult economic environment. In the first half of this year, farmers spent a total of HUF 293 billion on investments. The developments in the food industry continued to expand in the first half of 2022 after the lively investment activity in 2021. The volume of investments in the sector increased by 6.6 percent in the second quarter after 4.3 percent in the first quarter. Food industry enterprises spent a total of HUF 172.6 billion on developments in the first half of 2022.

Since the start of the large-scale investment program in early 2021, thanks to the increased national co-financing from the Hungarian budget related to rural development subsidies, the development of agriculture has reached HUF 836 billion, while investments in the food industry have reached HUF 598 billion. The European energy crisis, the increase in the cost of input materials and the economic environment of the war increase the value of the implemented, efficiency-supporting and forward-looking developments. In recent years, it has been proven that the country can count on Hungarian agriculture in times of crises and that agriculture can count on the government.

A.M