ADVERTISEMENT

55% of Hungarian companies at pre-crisis capacity by October

Analysis

Image by Lightspring / Shutterstock.com

Only 55% of Hungarian companies had reached or exceeded their pre-crisis capacity utilization level by October last year, while 45% reported a decline, the Economic Research Institute (GVI) of the Hungarian Chamber of Commerce and Industry (MKIK) said this week, based on a survey of 3,142 companies, according to piacesprofit.hu. 

GVI said that before the lockdown measures were introduced on March 20, 2020, the average capacity utilization rate of Hungarian businesses was 81%, which fell to 61% in the spring. 

After the first wave of the pandemic, when the restrictions were lifted, the indicator increased first to 73%, then to 75% in October. In terms of sectors, other services registered the biggest decline, followed by trade, industry and construction. 

Among the most common crisis management strategies applied by the companies, cost-cutting stands out, followed by measures to improve liquidity, and stabilizing, improving and transforming market positions, MKIK-GVI said.

ADVERTISEMENT

Hungary's GDP growth hits 8.2% y.o.y. in Q1 Analysis

Hungary's GDP growth hits 8.2% y.o.y. in Q1

Parl't elects Orbán prime minister Parliament

Parl't elects Orbán prime minister

New managing director at LG Electronics Hungary Appointments

New managing director at LG Electronics Hungary

Budapest bike-sharing scheme expands in District XI City

Budapest bike-sharing scheme expands in District XI

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.