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Chemicals industry expands 7.8% in 2018

Hungary’s chemicals industry grew 7.8% last year, outpacing the average growth of the sector in the European Union; this year’s expansion is likely to be more modest because of the high base, the head of the Hungarian Chemical Industry Association (Mavesz) told business daily Világgazdaság.

Iván Budai noted that exports account for almost 70% of chemicals industry revenue, and three-quarters of that comes from orders in the EU. He said an increase in domestic sales last year, after several years of decline, was a favorable development.

Managing the labor shortage, boosting energy efficiency and meeting emissions targets are among the challenges the industry faces, Budai told Világgazdaság.