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Central and Eastern Europe have attracted strategic initiatives for many years. Its geographical location between Western Europe and Asia, its various political systems and aspects, as well as its intellectual richness give a strategic meaning to this part of the world.

Hungary

Market information
 

  • Hungary has been a Member of the European Union since 2004.
  • The country's economy is very open, trade representing about 160% of the GDP.
  • The agricultural sector has been prominent for many years in the economy but now represents 4.5% of GDP and employs about 4% of the workforce. Cereals, fruits, vegetables and wine are the main crops.
  • The industrial sector accounts for 1/3 of the country's GDP and is widely open to foreign investment. The sectors of the automotive and electronics are the two main sectors, since they account for almost 30% of exports and they generate 15% of the GNP.
     

Hungary's main partners remain EU countries, primarily Germany, with 26.3% of total trade. France is improving its position as a partner: the 5th partner of Hungary in 2014, with 4.61% of global trade (while being 9th in 2013) ; it ranks 7th among suppliers.

 

Strengths

  • An efficient infrastructure and regulatory framework
  • Continued progress in prudential bank supervision
  • A diversified economy
  • A skilled workforce
  • A large stock of Foreign Direct Investment
     

Weaknesses

  • A need for substantial external funding and insufficient accumulation of foreign reserves
  • Volatility in the exchange rate
  • High exposure of borrowers to exchange rate risk
  • Slightly authoritarian power
  FACT SHEET
Capital
Budapest
Surface area
930 30 km²
Population
9.9 million inhabitants
Currency
Forint (HUF)
GDP Growth
2.9 % in 2015
Per capita GDP
14 026 USD in 2014
Corporate taxes
18 %
Social security contributions
27 %
Working week
40 hours / week
Paid leave
21 days / year
Country COFACE notation
A4
Business environment
A2
French subsidiaries
336