Budapest is the financial and business capital of Hungary. The capital is a significant economic hub, classified as an Alpha – 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 the national level, Budapest is the primate city of Hungary regarding business and economy, accounting for 39% of the national income, the city has a gross metropolitan product more than $100 billion in 2015, making it one of the largest regional economies in the European Union. Budapest is also among the Top 100 GDP performing cities in the world, measured by PricewaterhouseCoopers and in a global city competitiveness ranking by EIU, Budapest stands before Tel Aviv, Lisbon, Moscow and Johannesburg among others. Furthermore, Hungary's corporate tax rate is only 9%, which is relatively low for EU states.