Industry revenue of »manufacture of refined petroleum products« in Hungary 2011-2023

Over the years, the share of electricity produced from fossil fuels such as coal and oil has been declining in Hungary, owing to the price hikes and the growing initiatives encouraging the use of sustainable alternatives. Moreover, the government is in talks with one of Hungary’s biggest lignite power plant, Matra, to phase out coal-fired power generation use by 2030 and replace it with renewable energy sources instead. Further, as of 2016, production of renewable fuel was the second highest out of all fuel types, with 3.19 million metric tonnes of oil equivalent.

This has not augured well for the refined petroleum products manufacturing industry, with revenues projected to drop from 10.4 billion U.S. dollars in 2011 to 1.9 billion U.S. dollars by 2023. As a matter of fact, this trend can be observed in majority of the European nations including Luxembourg, Germany and Greece to name a few.

The country also has scarce fossil-fuel resources of its own and imports nearly 90 percent of oil and gas products, with Russia being the main market.

Industry revenue of »manufacture of refined petroleum products« in Hungary from 2011 to 2023

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Supplementary notes

* Estimate - This also applies for past years as data provided by statistical institutions often is not available for more recent years.

Currency conversion factor: (EUR -> USD) = 1.186

The industry classification is based on the NACE Rev.2 - system in Hungary. The industry “manufacture of refined petroleum products“ has the code “C192“.

Details on the methodology can be found here.

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Statistics on "Economic Outlook Hungary"

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