NGM: the government is working to strengthen domestic industry, which is being held back by the crisis in the German economy

It was noted that according to data from the Central Statistical Office, the volume of industrial production in November 2024, adjusted for calendar effects, decreased by 2.9 percent compared to the same period of the previous year. It decreased by 1.6 percent compared to the previous month.

The NGM confirmed its previous opinion that the performance of domestic industry is being held back by external factors: the Hungarian economy cannot isolate itself from the negative effects of Germany’s political and economic crisis – primarily through the automotive industry.

At the same time, it can be seen as a positive that more and more people are calling for EU-level support for electric vehicles, including German Chancellor Olaf Scholz and Bavarian Prime Minister Markus Söder, the NGM noted.

They stated:

The fundamentals of the Hungarian economy are stable and performing well: 4.7 million people are employed, while the average wage has more than tripled and the minimum wage has quadrupled compared to 2010. Real wages have been growing continuously for more than a year and retail turnover is expanding dynamically.

In addition to all this, domestic tourism also performed increasingly well last year. In the first 11 months of 2024, 10.7 percent more guests arrived at Hungarian accommodation facilities than in the same period in 2023, while the number of guest nights increased by 5.6 percent, the ministry said.