Industry revenue of »engineering activities, related technical consultancy« in Hungary 2011-2023

After a period of retraction and marginal growth, Hungary’s economy came into its own, registering an average growth rate of 4.1% over the last six years. While this broader growth has had a positive impact on many industries, revenues in the construction sector are expected to plateau over the medium term, with civil engineering witnessing a sharp decline. Therefore, it comes as no surprise that the market for engineering activities and related consultancy services is only expected to register marginal growth from 2.2 billion U.S. dollars in 2018 to just 2.3 billion U.S. dollars in 2023. This is in sharp contrast to the broader management consulting industry, revenues for which have witnessed a steady increase over the years, a trend expected to continue over the short to medium term as well. This growth is driven primarily by a robust industrial sector, which in turn has benefitted largely from strong exports into Europe, double digital growth in the energy and utility industries and rising foreign direct investment.

Industry revenue of »engineering activities, related technical consultancy« 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 “engineering activities and related technical consultancy“ has the code “M7112“.

Details on the methodology can be found here.

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