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Hungary’s Economy Engine Automotive Industry to Pull the Brakes?

In recent years, Hungary has achieved strong economic growth. However, according to the latest statistics, there is a significant downturn in the production of several sectors, most prominently including the automotive industry. Given the huge weight of this area in Hungary’s economy, how the negative global trends affect the country’s performance is an important question.

Hungary is one of the most exposed economies to the automotive industry. The sector has become a critical engine of industrial production in Hungary since 2011, and in the last nearly two decades, companies in the industry have managed to increase their output significantly almost every year, mainly due to lasting export demand. If the export market were to fall behind, it would hugely impact the economy and drastically degrade its performance.

In their 2018 industry report, the Central Statistical Office (KSH) revealed that the automotive industry’s share of the manufacturing output was over 28% in 2018, although their output increased only slightly, by 1.5% in 2017 and then practically stagnated in 2018.

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Source: https://hungarytoday.hu/

Hungary steps up EU fund disbursement in January

The monthly disbursement of EU funds in Hungary was nearly HUF 290 bn in January, a two-year high, Portfolio's latest monthly analysis reveals. This puts the total amount disbursed above the HUF 7,000 bn mark. Meanwhile, Hungarian authorities have cancelled a large number of contracts in economic development tenders, which means that the number of grants awarded has decreased in January. Transfers by the EU only amounted to HUF 45 bn last month as domestic allocations picked up, which means that the budget had to finance a larger amount of programmes.

The monthly amount of EU funds disbursed was HUF 287 bn in January according to Portfolio calculations, substantially more than in recent months and higher than any time during the past two years. The biggest increase was in the Economic Development and Innovation Operational Programme (EDIOP/GINOP) and the Integrated Transport Development Operational Programme (ITDOP/IKOP).

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Source: https://www.portfolio.hu/en

Industrial Output Rises 5% in 2019 Despite Drop in December

Output of Hungary’s industrial sector dropped by an annual 1.2 percent in December last year, dropping for the first time since June, albeit from a high base, data released by the Central Statistical Office (KSH) on Thursday show.

In the base period, industrial output had risen by an annual 6.4 percent.

Working day-adjusted data showed a 3.7 percent annual increase for the same month.

KSH said output of automotive manufacturing, which has the biggest weight in the industrial sector, “fell significantly”, while output growth of computer, electronics and optical equipment manufacturing, another big segment, slowed. Output of the food, drink and tobacco products segment “continued to increase”, KSH added.

Month-on-month, output dropped by 3.8 percent.

Industrial output rose by 5.4 percent for the full year.

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Source: https://hungarytoday.hu/

New university management courses to support knowledge transfer, R&D and innovation

One of the most important objectives of the renewing Hungarian innovation system is to foster close collaboration between university knowledge centres and the business sector in order to translate R&D activities into practical solutions.

Processes already started across the ecosystem increase demand for manysided experts with strong management skills: Corvinus University of Budapest and the University of Pannonia announced at a joint press conference the launch of new postgraduate courses in research and innovation management in February 2020. The Ministry for Innovation and Technology and the National Research, Development and Innovation Office will both support the programme.

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Source: https://nkfih.gov.hu

Hungary rises four places in Bloomberg innovation ranking

Hungary moved up four places from last year in the Bloomberg Innovation Index, now ranking as 18th. The country performed better in five of the seven indicator groups which form the basis of the overall ranking. It is good news that Hungary made significant progress in the fields of productivity, the share of high-tech companies and R&D intensity.

A leading US business magazine, Bloomberg has published the Bloomberg Innovation Index (Bloomberg II) since 2006 which ranks countries based on their overall innovation capability.

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