Weastra strategic consulting partnerBusiness consulting services
CEE Hungary map

General data Hungary

Official name:Republic of Hungary (Magyarország)
Area:93 030 km2
Capital (and largest city):Budapest
Population:9,9 Mio.
Urbanization:68%
Literacy rate, adult total:99,4% (% of people ages 15 and above)
Currency:Hungarian Forint - 1 EUR = 286,781 HUF (as of September, 2011)
Boundaries:Austria, Croatia, Romania, Serbia, Slovakia, Slovenia, Ukraine
Main towns:
(inhabitants)
Membership:European Union, NATO, OECD, the Visegrád Group, Schengen state
Natural resources:bauxite, coal, natural gas, fertile soils, arable land


Economic Profile Hungary

GDP:135,943 billion EUR (2010)
Average salary:715 EUR per month (2010)
Taxes:corporate tax 19%, corporate tax for income up to HUF 250 million is 10%
GDP composition:
Top export products:
Top export partners:
Doing Business 2011:Rank: 46, Change in Rank: +6


Hungary’s macroeconomic development

Find out more information about Hungary’s macroeconomic development. Please download the PDF Hungary’s macroeconomic development (PDF document 0.29 MB) and find more reasons why to invest in Hungary.


Why to invest in Hungary

Hungary


Magyarország



Did you know… ?


... In 1946, Hungary issued banknotes of a face value of 1,000,000,000,000,000,000 pengo (one quintillion pengo) - the world's highest denomination ever.


4 good reasons to

invest in Hungary


Good location: Hungary has a good, strategically strong position in Central Europe with a highly developed road, railway, air and water transport system. It operates as a commercial crossroad between East and West, with one of Europe’s most important waterways, the Danube River, cutting through the country and connecting it with Germany, Austria, Slovakia and Romania. The other river which flows through Hungary is River Tizsa – one of the main rivers in Central Europe. It connects the country with Serbia, Romania, Slovakia and most importantly – with the neighboring Ukraine.

Unexploited resources: Hungary offers a highly educated workforce as nearly 70% of college-age individuals are enrolled in tertiary school. Due to the relatively stagnant economic growth over recent years the labor market presents itself advantageous to investors willing to invest in Hungary. At the moment Hungary is a favorite destination for foreign investors of automotive industry, such as General Motors, Suzuki and Audi (largest factory in Central Europe).

Agricultural land: One of Hungary’s most important natural resources is arable land. About 83% of the country’s total territory is suitable for cultivation; around 50% of the country’s total area is covered by arable land, which is an outstanding indicator comparing to other EU countries. Hungary lacks extensive domestic sources of energy and raw materials needed for further industrial development, which is a reason why this land is not being fully exploited.

Well developed tourism: Hungary is one of the 30 most famous tourist destinations in the world. It also has one of the most important thermal spring cultures in Europe, having to offer no less that 1500 spas and the largest thermal lake in the world – Lake Hévíz. The country attracts over 8 million tourists per year, while Budapest attracts 2.3 million tourists per year.