Hungary Business
• 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
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
Office hours: Mon-Fri 0900-1600.
Business Contacts
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
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