Hungary Economic Profile

  • Historically, Hungary has been associated with many innovations, i.e. even while being under the communist iron curtain the idea of market economy or rather the “goulash Communism” was envisaged by Janos Kadar at the end of the 1960s and this gradually evolved into innovative market socialism.
  • This country was first to transform successfully into market economy and today, 80% of GDP is contributed by the private sector.
  • 45 of the top 50 global companies have their offices in this country.
  • Foreign direct ownership and foreign investment in Hungarian firms is expansive and when totaled with FDI the funds infused into the Hungarian economy are more than $70 billion.
  • The focus of foreign investments has shifted to manufacturing of high-end automobile, renewable energy  generation systems, high-end tourism, and IT.
  • Hungary has 31 058 km of roads, motorways of 1118 km and railroad system was 7685 km long
  • The electrification is complete in the country
  • The contribution of tertiary sector is increasing in the GDP and employment while that of manufacturing sector is also growing
  • The future development plans of the government are ambitious and offer greater freedom to private and foreign investments
  • Member of UNO, WTO, EU and Schengen Treaty