section_path: Economy
section_name: Economy
paragraph_text: Economy
  
  Budapest is a significant economic hub, classified as a Beta + world city in the study by the Globalization and World Cities Research Network and it is the second fastest-developing urban economy in Europe as GDP per capita in the city increased by 2.4 per cent and employment by 4.7 per cent compared to the previous year in 2014. On national level, Budapest is the primate city of Hungary regarding business and the economy, accounting for 39% of the national income. The city had a gross metropolitan product of more than $100 billion in 2015, making it one of the largest regional economies in the European Union. According to Eurostat GDP, per capita in purchasing power parity is 147% of the EU average in Budapest, which means €37,632 ($42,770) per capita. Budapest is also among the Top 100 GDP performing cities in the world, measured by PricewaterhouseCoopers. The city was named as the 52nd most important business centre in the world in the Worldwide Centres of Commerce Index, ahead of Beijing, São Paulo and Shenzhen and ranking 3rd (out of 65 cities) on the MasterCard Emerging Markets Index. The city is 48th on the UBS The most expensive and richest cities in the world list, standing before cities such as Prague, Shanghai, Kuala Lumpur and Buenos Aires. In a global city competitiveness ranking by the EIU, Budapest stands before Tel Aviv, Lisbon, Moscow and Johannesburg among others.
  
  The city is a major centre for banking and finance, real estate, retailing, trade, transportation, tourism, new media as well as traditional media, advertising, legal services, accountancy, insurance, fashion and the arts in Hungary and regionally. Budapest is home not only to almost all national institutions and government agencies, but also to many domestic and international companies. In 2014 there were 395.804 companies registered in the city. Most of these entities are headquartered in Budapest's Central Business District, in District V and District XIII. The retail market of the city (and the country) is also concentrated in the downtown area, among others, in the two largest shopping centres in Central and Eastern Europe, the 186,000 sqm WestEnd City Center and the 180,000 sqm Arena Plaza.
  
  Budapest has notable innovation capabilities as a technology and start-up hub. Many start-ups are headquartered and begin their business in the city. Some of the best known examples are Prezi, LogMeIn and NNG. Budapest is the highest ranked Central and Eastern European city in the Innovation Cities' Top 100 index. A good indicator of the city's potential for innovation and research, is that the European Institute of Innovation and Technology chose Budapest for its headquarters, along with the UN, whose Regional Representation for Central Europe office is in the city, responsible for UN operations in seven countries. Moreover, the global aspect of the city's research activity is shown through the establishment of the European Chinese Research Institute in the city. Other important sectors also include, natural science research, information technology and medical research, non-profit institutions, and universities. The leading business schools and universities in Budapest, the Budapest Business School, the CEU Business School and Corvinus University of Budapest offer a whole range of courses in economics, finance and management in English, French, German and Hungarian. The unemployment rate in Budapest is by far the lowest within Hungary. It was 2.7%, with many thousands of employed foreign citizens.
  
  Budapest is among the 25 most visited cities in the world, welcoming more than 4.4 million international visitors each year, therefore the traditional and the congress tourism industry also deserve a mention, as they contribute greatly to the city's economy. The capital is home to many convention centres and there are thousands of restaurants, bars, coffee houses and party places, besides a full range of hotels. As regards restaurants, examples can be found of the highest quality Michelin-starred restaurants, such as Onyx, Costes, Tanti and Borkonyha. The city ranked as the most liveable city in Central and Eastern Europe on EIU's quality of life index in 2010.