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Hungary (in Hungarian: Magyarország) is a landlocked country in Central Europe. It is bordered by Slovakia to the north, Ukraine and Romania to the east, Serbia and Croatia to the south, Slovenia to the southwest and Austria to the west. Hungary is a medium-sized, structurally, politically, and institutionally open economy, and since 2004 it has been a part of the European Union (EU) market. Hungary is a rapidly developing country with business friendly environment and EU conform investment incentives. Hungary is a member of the European Union, NATO, the OECD, WTO and is a Schengen state. Hungary is a key destination for incentive, meeting and conference travel – and a genuine rival to the traditional business venues of Europe.
Hungary’s economy has been growing after recovering from the recession caused by the financial crisis in 2008. The current forecast for the country’s GDP growth is +2.8%. Hungary is a member of the European Union, which has a significant positive effect on the country’s economic connections and therefore its economic development.
Official language: Hungarian (Magyar)
Population: 9.7 million
Area: 93 030 km2
Annual GDP: 140 303 billion USD
GDP per capita: 18 050 USD
GDP per capita at PPP: 19 829 USD
Unemployment rate: 10.3%
Inflation rate in 2013: 1.7%
Time zone: GMT +1
Political status: Parliamentary republic
Largest religion: Christian
National currency: HUF (Forint)
International access number (phone): 0036 or +36
Electricity supply is 230 V/50 Hz with 2 + 1 PE pin wall sockets. (Type CEE7/4).
There are a large number of international business entities in Hungary, which have their regional headquarters based in the country (including Nokia, Unilever, Bosch, Kimberley-Clark, and Telenor) or established factories within Hungary (including Samsung, Philips, Flextronics, Audi, Opel, Mercedes Benz, and Suzuki). Around 50 companies are operating a shared service center here, employing 25,000 employees; these include ExxonMobil, IBM, Sykes, GE, Morgan Stanley, Diageo, Avis Europe, Lexmark and Celanese.