Hungary is located in central Europe, sharing boarders with Slovakia, Ukraine, Croatia and Austria. It has recently been labelled as a developed country. It also joined the European Union in 2004 and is a member of the World Trade Organization, ensuring all their imports and exports flow smoothly.
Hungary has an open economy and is part of the EU’s single market, meaning that there are no trading restrictions or tariffs. They have an upper-middle income with a GDP worth around $224.5 billion in 2012, with the private sector making up about 80% of this. Hungary was badly affected by the 2008 financial crisis but has shown signs of recovery since 2011. With Europe’s largest Audi engine manufacturing plant, the automobile production plays a large part in Hungary’s exports. 17% of the country’s exports come from Audi, Opel and Suzuki and the industry also employs around 90,000 people.
Tourism contributes greatly to the Hungarian economy with over 10.2 million tourists visiting in 2011. Around 98% of these tourists are European visitors, with Budapest being the most popular destination. Hungary is home to many natural spots including Lake Mévíz – the second largest thermal lake (hot spring), Lake Balaton – the largest lake in Central Europe and Hortobagy, the largest natural grasslands in Europe.
If you're travelling to Hungary on business, a serviced apartment offers an ideal accommodation option. With developed road, railway, air and water transport, Budapest offers the perfect central location should you need to visit other parts of the country on your business trip. Serviced apartments provide the perfect alternative to a hotel room, offering everything you will need from kitchen facilities to an internet connection.
Population: 10 million
Currency: Hungarian forint (HUF)
Dominant religion: Christianity
Time Zone: (UTC+1)
Main exports: Machinery and equipment
Internet domain: .hu
International dial code: +36