NGM: the food industry and pharmaceutical production are also performing well

By: Trademagazin Date: 2024. 10. 04. 12:20

Based on Friday’s data from the Central Statistical Office (KSH), some sectors of the Hungarian economy perform better, others worse, but the Hungarian economy as a whole is growing. In terms of economic growth, Hungary ranks 11th among the 27 member states of the European Union, our growth is one and a half times the EU average – added the Ministry of National Economy (NGM) in its statement on Friday to the latest industry statistics report.

According to expectations, the volume of industrial production was able to increase in several manufacturing branches in August 2024, such was the production of electricity, pharmaceuticals and chemicals, while food production could also show growth due to the expansion of retail trade – the NGM opined.

It was highlighted: however, the performance of the entire industrial production is still being dragged down by the weak performance of our most important foreign market, the German economy.

Citing the first estimate of the KSH, they reiterated that, based on calendar-adjusted data, in August 2024 the volume of industrial production decreased by 4.1 percent compared to the same period of the previous year, while it decreased by 0.5 percent compared to the previous month, mainly due to the weakening of German automotive demand and the German due to the economy’s competitiveness problems.

The export-driven Hungarian economy is cut off from markets and investment opportunities by a Cold War blockade.
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