Budapest
Economy of Budapest
Economy of Hungary
Hungary exited a recession in 2013 and growth potential is currently being held back due to weak investment and low employment rate. International bond markets have improved significantly, but the there is still high foreign currency indebtedness.
There are now new rates on loans and the Funding for Growth Scheme has provided banks with free refinancing for SME lending.
Special taxes that have been established throughout the recent years have helped bring the budget deficit below 3% of GDP. The introduction of medium-term budgeting will be reinforced to the fiscal framework.
High administrative burdens have worsened, partly due to poor consultation and weak impact assessment mechanisms. There is limited competition in retail, professional services, telecommunications, and productivity due to barriers to entry.
In 2018, Hungary's unemployment rate was 3.7%.
Expat Job Market in Hungary
Expats will find the job market similar to those in western territories. The hours are 5 days a week, Monday through Friday, with 40 working hours each week. The annual leave usually amounts to 21 days.
The job market can be tough, especially for expats, due to the economy. However, there is a high demand for work in technology, telecommunications, and IT. Other popular jobs include accounting, auditing, and project management. Many young and inexperienced expats choose to teach English, which is very popular in Hungary and always needed.
Many expats find jobs through their current jobs at their home countries, which happen to have a branch in Hungary.
Economy of Budapest
Budapest is the center of Hungary's economy since all of the major corporations, politics, and banks reside there. The Budapest economy increased once Hungary joined the European Union.
The city is an international hub where many job markets reside. This attracts not only Hungarians to move and work there, but expats also. Budapest ranks #28 of the top economies in Europe.
Budapest makes most of its income from retail, food processing, building materials, and schools.
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