Hungarian automotive industry: week 20
Audi Hungaria opens new engine development centre, Autopro holds competition for university students at trade fair Mach-Tech, NNG expands global presence and a Japanese company settles in Hungary.
Manufacturers
On Monday last week, Audi Hungaria handed over a new engine development centre in Győr.
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| Rába plans to go global |
Disclosing its Q1 financial results, Rába held a press conference, where the Győr-based manufacturer announced plans to become an international group.
Suppliers
Last week we reported on the Industrial Days Mach-Tech exhibition, featuring Hungary's latest and most innovative products.
Japan-based Yamazaki Mazak began the construction of its Hungarian Technology Center in Sóskút, marking the start of a long-term presence in the region.
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| Yamazaki Mazak settles in Hungary |
Navigation systems developer NNG announced that the Hungarian company opened a new office in Detroit and Tokyo. Although development remains to be carried out in Hungary, providing fast and precise responses to local needs is essential for NNG, which is why two new offices were opened in the U.S. and the Japanese capital.
Service providers
The Hungarian Trading House will open an office in Serbia this year, with the task of harmonizing the activities of Hungarian and Serbian industry players.
Last week, we interviewed the president of Professio Cluster, established in 2008. The organisation's aim is to promote metalworking professions and develop and provide trainings and internship opportunities. The organisation also played a crucial role in creating the student competition TechTogether Junior.
János Lázár, Minister of the Prime Minister's Office, signed a cooperation agreement with the presidents of the Hungarian Chamber of Engineers (MMK) and the Hungarian Chamber of Architects (MÉK). Among its key task, the cooperation aims at a more efficient and transparent use of European Union funds.
Education
Last week, Autopro held yet another student competition. Mach-Tech, an automotive student competition lining up teams from the Budapest Univrsity of Technology and Economics, Kecskemét College, University of Miskolc, University of Óbuda, Szent István University and Széchenyi István University, was held last Friday at Hungexpo, Budapest.
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| Mach-Tech held at Hungexpo |
Economy
Hungary has the highest number of liquidations in the region. 27.4 percent, more than a quarter of all active companies in Hungary were liquidated last year.
In Q1 2015, the volume of industrial production increased by 8 percent from the previous year. In March, the volume of industrial production rose by 11.6 percent, while working-day adjusted indices show a 9 percent increase compared to the same period last year. Seasonally and working-day adjusted indices indicate a 2.6 percent growth from the previous month.
The 2016 budget plan was released last week, showing that 4 percent of Hungary's GDP, HUF 1,400 billion will be spent on EU-subsidized programmes and investments next year.
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| HUF vs. EUR week 20. Source: portfolio.hu |
Meeting analyst expectations, Hungary's gross domestic product (GDP) showed a 3.4 percent y/y increase in Q1 2015.
Seasonally adjusted indices for the 28 member states of the European Union and 19 nations in the eurozone show a modest, 0.4 percent GDP increase from the same period in the previous year.
The forint saw a decline against the euro and stagnated against the U.S. dollar last week, trading at 270 against the U.S. currency all week.
