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• GDP: US$136.4 billion (2007).
• Main exports: Machinery and equipment, manufactured goods and food.
• Main imports: Machinery and equipment, manufactured goods, fuels and electricity.
• Main trade partners: Germany, Austria, Russian Federation, Italy and China (PR).
• Main exports: Machinery and equipment, manufactured goods and food.
• Main imports: Machinery and equipment, manufactured goods, fuels and electricity.
• Main trade partners: Germany, Austria, Russian Federation, Italy and China (PR).
Economy
Hungary is poor in natural resources other than bauxite, natural gas and some oil. For this reason, it relies heavily on foreign trade, which accounts for half of its GDP.
The country has a fairly well-developed industrial economy concentrated in chemicals, plastics, pharmaceuticals, fertilisers, computers and telecommunications, mining, construction and aluminium (from bauxite deposits). It has also traditionally been an exporter of agricultural produce, particularly fruit and vegetables, maize and wheat, sugar beet, potatoes and livestock.
EU membership was a high priority for the Hungarian government, and the country achieved this goal on 1 May 2004. According to the World Bank, Hungary's economic performance is currently steady, but recent reforms have dampened consumption, resulting in inflation of 7.8% and growth of 2% in 2007. Unemployment at the end of 2007 ran at 7.7%.
In September 2006 there were widespread calls for Prime Minister Ferenc Gyurcsany to resign after it became apparent that he had lead voters to believe that Hungary's economy was performing better than it actually was in order to secure re-election. He survived the political attack, however.
The country has a fairly well-developed industrial economy concentrated in chemicals, plastics, pharmaceuticals, fertilisers, computers and telecommunications, mining, construction and aluminium (from bauxite deposits). It has also traditionally been an exporter of agricultural produce, particularly fruit and vegetables, maize and wheat, sugar beet, potatoes and livestock.
EU membership was a high priority for the Hungarian government, and the country achieved this goal on 1 May 2004. According to the World Bank, Hungary's economic performance is currently steady, but recent reforms have dampened consumption, resulting in inflation of 7.8% and growth of 2% in 2007. Unemployment at the end of 2007 ran at 7.7%.
In September 2006 there were widespread calls for Prime Minister Ferenc Gyurcsany to resign after it became apparent that he had lead voters to believe that Hungary's economy was performing better than it actually was in order to secure re-election. He survived the political attack, however.
Business Etiquette
Businesspeople are expected to dress smartly. Local businesspeople are generally friendly and hospitable and it is usual for visitors to be invited to lunch or dinner in a restaurant. Business cards are widely distributed and visitors are well advised to have a supply available in Hungarian. Best months for business visits are September to May. Appointments should always be made. Interpreter and translation services may be booked through travel agents.
Office hours: Mon-Fri 0900-1600.
Office hours: Mon-Fri 0900-1600.
Business Contacts
Budapest Kereskedelmi és Iparkamara (Budapest Chamber of Commerce and Industry)
Krisztina Krt 99, 1016 Budapest, Hungary
Tel (1) 488 2000.
Website: www.bkik.hu
Hungarian Convention Bureau
Hold utca 1, 1054 Budapest, Hungary
Tel: (1) 488 8640.
Website: www.hcb.hu
Hungarian Investment and Trade Development Agency (ITDH)
Andrássy út 12, 1061 Budapest, Hungary
Tel: (1) 472 8100.
Website: www.itd.hu
Krisztina Krt 99, 1016 Budapest, Hungary
Tel (1) 488 2000.
Website: www.bkik.hu
Hungarian Convention Bureau
Hold utca 1, 1054 Budapest, Hungary
Tel: (1) 488 8640.
Website: www.hcb.hu
Hungarian Investment and Trade Development Agency (ITDH)
Andrássy út 12, 1061 Budapest, Hungary
Tel: (1) 472 8100.
Website: www.itd.hu
