Hungary Economy

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

Do not take too lightly the influence 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.

Most visits to Hungary are trouble-free but you should be aware of the risk of indiscriminate terrorist attacks, which could be against Western interests and civilian targets, including places frequented by foreigners like restaurants, hotels, clubs and shopping areas. In recent years, the Hungarian authorities have carried out a number of investigations and operations against terrorist networks.
You should exercise a high level of security awareness and monitor local news broadcasts and consular messages. Ensure that your travel documents and visas are current and valid and secured in a safe place. Carry a photocopy of your travel documents in lieu of the originals. Maintain a low profile, vary times and routes of travel, and exercise caution while driving. Making local contacts quickly and seeking support from other expatriates will greatly increase your comfort and safety.

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 totalling 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, 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 bailout 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 obligations 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

HungaryCurrencyCurrency: 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.

Traveller's Cheques: Accepted in most post offices and banks. To avoid additional exchange rate charges, travellers are advised to take traveller’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

To be successful in your Hungary job search and get the jobs you want, you need to prepare a Hungary cover letter and Hungary CV which you must email instantly to the prospective employers selected during your job search in Hungary.

When you receive an invitation to the Hungary job interview, you may apply for a Hungary visa and Hungary work permit. Then prepare yourself for a job interview and take a look at the Hungary dress code because how you dress is one of the most important attributes in being hired.

Check the job interview dos & don'ts and other job search skills pages. Find out why people are not hired for available jobs.

In addition, on the international info, job search, visa, work permit, cover letter, CV & resume, job interview and dress code pages you will find many useful tips for overseas job seekers.

Good luck with the Hungary economy info!