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Hungary – Important Facts

Hungary is a parliamentary constitutional republic in Central Europe. It is situated in the Carpathian Basin and is bordered by Slovakia to the north, Romania to the east, Serbia to the south, Croatia to the south west, Slovenia to the west, Austria to the north west, and Ukraine to the north east. The country’s capital and largest city is Budapest. Hungary is a member of the European Union, NATO, the OECD, the Visegrad Group, and the Schengen Area. The official language is Hungarian, which is the most widely spoken non-Indo-European language in Europe

Hungary is a member of the European Union (EU). It is a member of the OECD (1996), NATO (1999), and the European Union (2004). Per capita income is nearly two-thirds that of the EU-28 average and total GDP is USD 133 billion. The private sector accounts for more than 80% of GDP. Hungary boasts a strategic location in Europe, access to EU markets, a highly skilled and educated work-force, and a sound infrastructure which have led companies such as GE, Alcoa, Morgan Stanley, National Instruments, Microsoft, IBM and many others to locate facilities here, both in manufacturing and services. According to the database “Uniworld” there are currently 404 wholly-owned U.S. companies in Hungary. Including their subsidiaries, the figure totals 612. However, government of Hungary statistics show that there are over 1600 companies with some sort of U.S. affiliation, employing over 90,000 Hungarians. In terms of employment, this makes the U.S. the second-largest investor in Hungary after Germany. Many of these companies find that Hungary’s geographic position in Central Europe also offers a strategic logistical hub within the region.

Facts: Hungary Capital: Budapest, Population: 10 million, Area: 93,030 sq km (35,919 sq miles), Major language: Hungarian, Major religion: Christianity, Life expectancy: 71 years (men) and 78 years (women), Currency Forint.

Important Details

  • Country ISO3: HUN
  • Country Code: 348
  • Income Group: Europe & Central Asia
  • Lending Category: High income
  • Region: Not Available
  • Currency Unit: Forint
  • WTO Member: YES
  • Trade organisations: European Union, OECD, AIIB andWorld Trade Organization
  • world rank: 58
  • Regional Ranking: 26th in Europe