Market Research In Hungary

Hungary Profile:

  • Hungary is a country in Central Europe and is a unitary state nation divided into 19 states.
  • Hungary is a member of the EU, United Nations, NATO, WTO, World Bank, the AIIB, the Council of Europe, the Visegrád Group and more.
  • Hungary is the 11th most popular country as a tourist destination in Europe, attracting 14.3 million international tourists.
  • In the 21st century, Hungary is a middle power and has the world’s 57th largest economy by nominal GDP, as well as the 58th largest by PPP, out of 191 countries measured by IMF.
  • Hungary performs well in international rankings with 20th in quality of life, 24th in Good Country Index, 28th in inequality-adjusted human development, 32nd in the Social Progress Index, 33rd in Global Innovation Index and ranks as the 15th safest country in the world

Hungary Economy:

  • Hungary is an OECD high-income economy with a very high standard of living and has a skilled labor force with the 16th lowest income inequality in the world.
  • The economy is largely driven by exports, making it vulnerable to external market shocks.
  • Hungary embarked on a series of economic reforms, including privatization of state-owned enterprises and reduction of social spending programs, to shift from a centrally planned economy to a market-driven economy.
  • Systemic economic challenges include long-term and youth unemployment, labor shortages, widespread poverty in rural areas, vulnerabilities to changes in demand for exports and a heavy reliance on Russian energy imports.
  • To further boost household consumption ahead of an anticipated 2018 election, the government has announced plans to increase the minimum wage and public sector salaries, to decrease taxes on foodstuffs and services, to decrease personal income tax from 16% to 15% and to introduce a uniform 9% business tax for both small and medium enterprises and large companies

Hungary Facts:

  • Population: 9.9 million
  • Capital: Budapest
  • Largest city: Budapest
  • Area: 93,028 sq km
  • Major language: Hungarian (official) 99.6%, English 16%, German 11.2%, Russian 1.6%, Romanian 1.3%, French 1.2%, other 4.2%
  • Major religion: Roman Catholic 37.2%, Calvinist 11.6%, Lutheran 2.2%, Greek Catholic 1.8%, other 1.9%
  • Life expectancy: 72.4 years (Male), 80 years (Female)
  • Monetary unit: 1 Forint(HUF) = 100 Fillér
  • Main exports: Machinery and equipment 53.4%, other manufacturers 31.2%, food products 8.4%, raw materials 3.4%, fuels and electricity 3.9%
  • GNI per Capita: $25,640

Our Market Research Services in Hungary:

We Employ A Wide Range of Research Techniques in Hungary:

How Can We Help You?

Contact us at Global Vox Populi and submit a business inquiry online.

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