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Hungary Business Report
General information
Source: The World Factbook - Central Intelligence Agency
Population
9,825,704 (July 2018 est.)GDP (PPP)
$289.6 billion (2017 est.)GDP growth rate
4.0% (2017 est.)High and stable. GDP growth was helped by EU funds
GDP (PPP) per capita
$29,600 (2017 est.)Medium
Local currency
Hungarian Forint (HUF)Weak currency: slow but continuous depreciation
Financial stability (Public debt)
73.6% (2017 est.)Medium to high but shrinking
Inflation
2.4% (2017 est.)Medium, good level of inflation
Language
HungarianEnglish is spoken as a second language in the main urban areas
Corruption perception index (Source: Transparency International)
Rank 64/180High level of corruption, increased in last years
Duties and tax
Source: PwC World Tax Summaries 2017-2018
VAT
27% standard VAT rateReduced rates: 18% (listed food, commercial accommodation, listed entertainment services); 5% (new residential propery, listed medicines, books, listed food and catering); No VAT (medical, cultural, sporting, and educational services provided as public services, financial and insurance services and real estate rental)
Corporate Tax
9% standard rateOne of the lowest in European Union. There are certain exceptions. All municipalities are entitled to levy local business tax: rate may differ from municipality to municipality but is capped at 2% by law
Duties
European Union customs duties/import tariffs applyWhether you are looking for a European importer or you are just interested in Europe business, Globartis is the right platform for you!
We have a strong position in Europe B2B and Europe trade, especially European Union trade.
If you are interested in doing business in Hungary, or in finding Hungarian manufacturing companies, we can help you. Thousands of companies in Hungary and Hungarian SMEs use Globartis for their operations. Join our network today and find the right partner for your Hungary business. Connect with a Hungarian manufacturer or Hungary importer, or source among Hungary export to find the right product.
Join now and grow your business in Budapest, one of the best cities for doing business in Central Europe.