top SECTORS
IN hungary
Top Sectors
Automotive
The production value of Hungary’s automotive industry amounted to 25.3 billion Euros to the Hungarian economy in 2016. What is more, the automotive industry also registered a 15.0% growth between 2010 and 2016. Besides Audi, Daimler Benz, Suzuki and Peugeot SA, as well as the recent announcement of the new BMW factory, over 40 of the top 100 global OEM part suppliers are present in the country and more than 700 suppliers supply parts in the automotive industry. Furthermore, there is also a great innovation capacity available: automotive R&D centres nationwide, government incentives, talented workforce and strong cooperation with universities. One of the perfect examples of native automotive R & D capacities is the ZalaZone Test Track, which is a unique track providing not only dynamics tests for conventional vehicle, but it also allows validation tests for autonomous vehicles and electric vehicles.
Business Services
To date, more than 90 companies have established more than 100 operating BSC sites in Hungary, employing some 40,000 people, mostly young professionals speaking multiple languages. It is easy for foreign companies to recruit in Hungary as excellent quality of talent is available from 67 higher education institutions with a good core skillset as well as behaviour and mindset. According to CBRE's database, Hungary has one of the lowest rental prices in the region in Category A with EUR 14/m2/month, which attracts employers and employees to make Budapest the second best city on Earth (Condé Nast Traveller, 2015).
Electronics
Hungary has the most productive electronics sector in Central Europe hence the electronics sector accounts for 4% of GDP, 20.9% of the total Hungarian manufacturing production and employs 176,000 employee. Hungary has a leading position in the manufacturing of finished products in Central Europe with 17.5 billion Euros production value supported by its specialized education in electronics research to correspond industry needs. The share of electronics in the total Hungarian exports is 27.8%, with 93.5% export ratio.
Logistics and Transportation
Thanks to the unique position of Hungary with pan-European corridors crossing the country, the logistics and transportation industry employs 120,000 employees accounting for 6% of the GDP. Due to the country’s great infrastructure which includes the 5th best railway line density in Europe, the 1884 km long motorway network and direct flights to more than 129 destinations from the Budapest Airport, the 500 million EU customers are within easy reach from Hungary.