Hungary Economy

Working abroad sounds like an adventure to many people. However, job search in Hungary requires more than just the obvious Hungary CV writing and translation, it requires careful preparation. You will face problems that probably did not even come to your mind when you decided to get an overseas employment.

Do not take too lightly the influence a work in Hungary can have on the effect of your adventure! For instance, you will experience the different immigration rules and practices, strange job application procedures, unfamiliar candidate selection criteria and exotic management culture.

art_warning Hungary EconomyMost visits to Hungary are trouble-free but you should be aware of the global risk of indiscriminate international terrorist attacks, which could be against civilian targets, including places frequented by foreigners.

Hungary economy - overview: Hungary has made the transition from a centrally planned to a market economy, with a per capita income one-half that of the Big Four European nations. The private sector accounts for over 80% of GDP. Foreign ownership of and investment in Hungarian firms are widespread, with cumulative foreign direct investment totaling more than $70 billion since 1989. Hungarian sovereign debt was upgraded in 2000 to the second-highest rating among all the Central European transition economies. Inflation has declined substantially, from 14% in 1998 to 4.7% in 2003; unemployment has persisted around the 6% level.

In late 2008, Hungary's impending inability to service its short-term debt - brought on by the global financial crisis - led Budapest to obtain an IMF/EU/World Bank-arranged financial assistance package worth over $25 billion. The global economic downturn, declining exports, and low domestic consumption and fixed asset accumulation, dampened by government austerity measures, resulted in an economic contraction of 6.3% in 2009.

In 2010 the government implemented a number of changes including cutting business and personal income taxes, but imposed "crisis taxes" on financial institutions, energy and telecom companies, and retailers. The IMF/EU bail-out program lapsed at the end of the year and was replaced by Post Program Monitoring and Article IV Consultations on overall economic and fiscal processes.

The economy began to recover in 2010 with a big boost from exports, especially to Germany, and achieved growth of approximately 1.4% in 2011. At the end of 2011 the government turned to the IMF and the EU to obtain a new loan for foreign currency debt and bond obligatins in 2012 and beyond. The EU also launched an Excessive Deficit Procedure and requested that the government outline measures to sustainably reduce the budget deficit to under 3% of GDP.

Labor force - by occupation: services 65%, industry 27%, agriculture 8% (1996)

Unemployment rate: 10.9% (2011 est.), 5.8% (2002 est.)

Natural resources: bauxite, coal, natural gas, fertile soils, arable land

Industries: mining, metallurgy, construction materials, processed foods, textiles, chemicals (especially pharmaceuticals), motor vehicles

HungaryCurrency Hungary EconomyCurrency: Hungarian Forint (HUF; symbol Ft) = 100 fillér. Notes are in denominations of Ft20,000, 10,000, 5,000, 2,000, 1,000, 500 and 200. Coins are in denominations of Ft100, 50, 20, 10 and 5.

Credit/Debit Cards and ATMs: It is possible to withdraw cash by credit card at many post offices. American Express, Cirrus, Diners Club, MasterCard and Visa are accepted. Credit and debit cards can be used to withdraw money from ATMs, which are found throughout the country.

Traveler is Cheques: Accepted in most post offices and banks. To avoid additional exchange rate charges, travelers are advised to take traveler’s cheques in Euros or US Dollars

Exchange rates: Forints (HUF) per US dollar - 195.9 (2011 est.), 207.94 (2010 est.), 202.34 (2009), 171.8 (2008), 183.83 (2007), 210.39 (2006), 199.58 (2005), 202.75 (2004), 257.89 (2002), 286.49 (2001), 282.18 (2000), 237.15 (1999), 214.4 (1998)

Inflation rate (consumer prices): 3.9% (2011 est.), 6.1% (2008 EST.)

Other Hungary Economy Info

We hope that your Hungary job search has been successful and you will get Hungary visa too. So, if your Hungary cover letter and Hungary CV are ready, you may distribute them to your future employers and start preparing for a Hungary job interview.

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