European Countries

Hungary Service Sector

The liveliness of internal trade is remarkable, but international trade is even fundamental to the Hungarian economy. The country mainly exports machinery and means of transport, industrial products (chemical and petrochemical, textile, metallurgical), agricultural and livestock products; it imports to a large extent fuels and minerals, various raw materials (textile fibers, wood, etc.) and semi-finished products, machinery for specific industries. In the early nineties the trade balance, burdened by a substantial deficit, recorded a turnaround that continued into the early twenty-first century, a phenomenon however accompanied by a significant reduction in consumption. The latter was determined by the socio-economic dynamics of the transition phase towards the capitalist system in which the national economy after the fall of the communist bloc controlled by the USSR. The role played in trade with other member states of the European Union is becoming increasingly important, while the United States confirms its role as main foreign investors.

According to cheeroutdoor, the impact of foreign capital and its contribution to the national economy has led to rather anomalous situations, such as the one that at the beginning of the 21st century. it saw more than half of the banks and almost all of the insurance companies in the hands of non-Hungarian companies. During the last decade of the twentieth century these sectors were completely privatized and the country, censored in 2000 by the exchange with other member states of the European Union, while the United States confirms its role as main foreign investors. The impact of foreign capital and its contribution to the national economy has led to rather anomalous situations, such as the one that at the beginning of the 21st century. it saw more than half of the banks and almost all of the insurance companies in the hands of non-Hungarian companies. During the last decade of the twentieth century these sectors were completely privatized and the country, censored in 2000 by the exchange with other member states of the European Union, while the United States confirms its role as main foreign investors. The impact of foreign capital and its contribution to the national economy has led to rather anomalous situations, such as the one that at the beginning of the 21st century. it saw more than half of the banks and almost all of the insurance companies in the hands of non-Hungarian companies. During the last decade of the twentieth century these sectors were completely privatized and the country, censored in 2000 by the like the one that at the beginning of the 21st century. it saw more than half of the banks and almost all of the insurance companies in the hands of non-Hungarian companies. During the last decade of the twentieth century these sectors were completely privatized and the country, censored in 2000 by the like the one that at the beginning of the 21st century. it saw more than half of the banks and almost all of the insurance companies in the hands of non-Hungarian companies. During the last decade of the twentieth century these sectors were completely privatized and the country, censored in 2000 by the OECD as a tax haven, it has finally adopted a series of anti-money laundering regulations. Hungary plays a particularly important role in the communications of central-eastern Europe, thanks to its position and the morphology of its territory which, although enclosed within a circle of mountains, has easy transits in almost every direction and which above all is crossed by the Danube, a fundamental traffic artery for most of the continent. Inland navigation is, as in the past, of considerable importance and takes place, as well as on the Danube, on the Tisza and on Lake Balaton, but accessible only to small passenger boats due to its shallow waters. Inland waterways total almost 1400 km (2000) and, in addition to facilitating internal transport, they facilitate connections with neighboring states.

The railway network is good (8137 km in 2003), on the whole fairly efficient and mostly headed by Budapest; the Hungarian network is then linked both to the Ukrainian one and to that of various countries of central-western Europe. The roads, once neglected, have been the subject of fundamental upgrading, even though they are still in conditions far from efficiency. They develop for approx. 170,000 km, but less than half of them are paved and maintenance is irregular. Again the capital constitutes the great communications hub, served by numerous highways leading to Vienna, Belgrade, Krakow, etc. There are no air services for internal connections to the country, which, moreover, does not have enormous distances from one extreme to the other of its territory, but the national airline MALÉV (Magyar Légiközlekedési Vállalat), founded in 1946, has a dense network of connections throughout the European continent, in North Africa and in the Middle East. Traffic is concentrated in the airports of Budapest Ferihegy, Debrecen, Seghedino and Pécs. The tourism sector is expanding and has drawn particular impetus, starting from the nineties of the twentieth century, from the improvement works carried out by the Hungarian government to recover an artistic-cultural heritage neglected and left to itself during the second post-war period. The main destinations are Budapest, an elegant capital rich in history, and Lake Balaton, a favorite holiday destination also for the country’s society. in North Africa and the Middle East. Traffic is concentrated in the airports of Budapest Ferihegy, Debrecen, Seghedino and Pécs. The tourism sector is expanding and has drawn particular impetus, starting from the nineties of the twentieth century, from the improvement works carried out by the Hungarian government to recover an artistic-cultural heritage neglected and left to itself during the second post-war period. The main destinations are Budapest, an elegant capital rich in history, and Lake Balaton, a favorite holiday destination also for the country’s society. in North Africa and the Middle East. Traffic is concentrated in the airports of Budapest Ferihegy, Debrecen, Seghedino and Pécs. The tourism sector is expanding and has drawn particular impetus, starting from the nineties of the twentieth century, from the improvement works carried out by the Hungarian government to recover an artistic-cultural heritage neglected and left to itself during the second post-war period. The main destinations are Budapest, an elegant capital rich in history, and Lake Balaton, a favorite holiday destination also for the country’s society. from the improvement works carried out by the Hungarian government to recover a neglected artistic-cultural heritage left to itself during the second post-war period. The main destinations are Budapest, an elegant capital rich in history, and Lake Balaton, a favorite holiday destination also for the country’s society. from the improvement works carried out by the Hungarian government to recover a neglected artistic-cultural heritage left to itself during the second post-war period. The main destinations are Budapest, an elegant capital rich in history, and Lake Balaton, a favorite holiday destination also for the country’s society.

Hungary Service Sector