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Doing business & staying in touch

Businesspeople are expected to dress smartly. Business cards are widely distributed and visitors are well advised to have a supply available in Hungarian. The best months for business visits are September to May. Appointments should always be made and punctuality is essential. Interpreter and translation services may be booked through travel agents.

Local businesspeople are generally friendly and hospitable and it is usual for visitors to be invited to lunch or dinner in a restaurant. Hungarian businesspeople like to do business with people they know and trust, so it is worth taking the time to build relationships. This is particularly true of the older generation.

Verbal greetings are extremely important; Hungarian is a difficult language but not impossible to learn. A few words will go a long way, although as so few foreigners speak the language well, most locals engaging in international business will speak some English. Upon meeting, shake hands (one waits for women to offer their hands), then say the full name (surname, then forename) and visitors should also shake hands on leaving. Giving and receiving gifts is common.

Standard working hours are 0800 to 1630 Monday to Thursday, finishing earlier on Friday.

Office hours: 

Mon-Fri 0800-1630.

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.

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 trading partners: 

Germany, Austria, Russian Federation, Italy and China (PR).

Staying in touch in Hungary

Telephone: 

If dialling between Hungarian cities or to mobile phones, callers must prefix the number with the national dialling code, 06.

Mobile phone: 

Roaming agreements exist with international mobile phone companies. Coverage is good.

Internet: 

There are Internet cafes in most towns, and some libraries have free terminals.

Post: 

Airmail takes three days to one week to reach other European destinations.

Post office hours: 

Mon-Fri 0800-1800, Sat 0800-1200.

Media: 

There is generally a high level of autonomy in Hungary's media. The country's private broadcast media compete with state-run radio and TV. Public radio services operated by Hungarian Radio compete with numerous local radio stations and national commercial services. Hungary's national and local newspapers are privately owned, some of them by foreign groups and investors.

Press: 

• National dailies include Magyar Hírlap, Népszabadság and Népszava.
• English-language newspapers include the Budapest Business Journal, Budapest Week, The Budapest Sun and The Hungarian Quarterly.

Television: 

• Public stations include Magyar Televizio (operating two channels) and Duna TV (satellite).
• Private stations include TV2 and RTL Klub.

Radio: 

• Public radio broadcasters include Hungarian Radio (operating Kossuth, Petofi and Bartok networks, plus Radio Budapest, an external service).
• Private broadcasters include Danubius Radio, Slager Radio and Juventus Radio.

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