Hungary is a country of unique beauty in the heart of Europe. With its size of 93 thousand square kilometres and its location at the border of Eastern and Western Europe, the country is an optimal choice for doing business by small and multinational companies.
While the Hungarian language may not be similar to any other European language, the country has extensive and historically established relations with all three main European ethnic and linguistic families: the Indo-European, the Slavic, and the Neo-Latin languages. For this reason, Hungary is especially capable of acting as a bridge between various cultures – a feature highly appreciated by investors and businesses with a focus on comprehensive approaches.
- Area: 93,030 sq km
- Population: 9,772,789 (2019)
- Capital: Budapest
- Population density: 107.3 capita/sq km
- Official language: Hungarian
- Most frequently used foreign languages: English, German
- Currency: Hungarian forint, Ft, HUF (current interest and currency rates: http://english.mnb.hu/ )
- Government type: republic
- OECD member since: 1996
- EU member since: 1 May, 2004
- Schengen area member since: 2007
Located at the juncture of the 4 main European transport corridors, Hungary offers around 1,400 km motorways, an extensive railway network, and five airports.Hungary has excellent conditions to offer for knowledge-based industries. Hungary is among the world leaders in terms of Nobel Prize winners per capita, with well trained labour force, graduates fluent in various languages, and a spectacular track record in terms of IT and software development (from John Neumann to Charles Simonyi or from LogMeIn to Prezi).
Hungary can capitalize on a few natural resources (bauxite, coal, and natural gas), as well as fertile soil, and natural thermal water reserves. Hungarian wines are enjoyed throughout Europe. The country‘s main manufactured exports include electric and electronic equipment, machinery, processed food, pharmaceuticals and chemicals.
GOOD TO KNOW:
- Power supply: Residential voltage: 230 V, Frequency: 50 Hz, Plug types: C and F
- Hungary uses the metric system for units of measurements.
- Hungarian date notation: year/month/day.
- Separation of numbers: Hungarian uses the comma as the decimal separator and the full stop as the thousand separator.
- Hungarian names: family name comes first
- Hungary’s international dialing code: +36
Hungary is in the Central European Time Zone (CET), which is one hour ahead of Greenwich Mean Time (GMT). The country uses the practice of daylight saving time, advancing clocks by one hour during the period from the last weekend in March to the last weekend of October.
NORMAL BUSINESS HOURS:
- Private and public offices: 8 a.m. to 4 p.m., closed on Saturdays and Sundays
- Retail: 10 a.m. to 6 p.m. Monday to Friday, 9 a.m. to 1 p.m. on Saturdays
- Shopping centres, hypermarkets: 7 a.m. to 9 p.m., six days a week, closed on Sundays
- Restaurants: 12 noon to 10 p.m.
Business hours may differ significantly in specific cases.
MAJOR NATIONAL HOLIDAYS:
- 1 January: New Year
- 15 March: National holiday (commemorating the 1848 revolution)
- usually in April: Easter Monday
- 1 May: Labour Day
- 20 August: National holiday (commemorating the foundation of the Hungarian state)
- 23 October: National holiday (commemorating the 1956 revolution and fight for freedom)
- 1 November: All Saints’ Day
- 25-26 December: Christmas
The visa requirements of Hungary are in line with the provisions and recommendations of the EU and of the Schengen Convention.
For details, please visit our dedicated page here.