Hungary PESTLE Insights – A Macroeconomic Outlook Report
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Hungary PESTLE Insights Report Overview
The GDP of Hungary was $211.5 billion in 2023 and the country ranked 41st out of 153 nations in the GCRI Q3 2023. As of January 2024, Hungary’s proposed law aims to grant special status to digital companies employing over 60% of foreigners from outside Europe primarily aiming to attract IT workers. The bill suggests preferential tax treatment, exemption from public charges, and local business tax. On the other hand, the government aims to lure high-tech professionals and improve the competitive situation. Moreover, the bill is part of Hungary’s strategy to make the country more appealing, especially in the wake of the battery industry initiative.
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The Hungary PESTLE insights report consists of the country’s snapshot, risk factors about the macroeconomic risks, political environment, legal environment, demographic and social structure effectiveness, technology & infrastructure, and natural and geographic aspects that might impact business.
GDP 2023 | $211.5 billion |
Key Landscape | · Political Landscape
· Economic Landscape · Social Landscape · Technological Landscape · Environmental Landscape |
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Hungary Macroeconomic Key Sector’s Contribution to the Economy
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PESTLE Insights of the Hungary Macroeconomic Outlook Report
Political Landscape: Hungary exhibits strong governance indicators, particularly in the “voice and accountability” parameter of the World Bank’s Worldwide Governance Indicators (2023). The country fosters significant citizen participation in government selection and upholds freedoms of expression, association, and media access. The nation’s adherence to direct democracy traditions involves citizens in shaping important legislation.
Economic Landscape: Automobile giants such as General Motors, Audi, Suzuki, and Daimler have manufacturing plants in Hungary. In addition, Hungary hosts many automotive R&D centers and automotive part suppliers catering to global auto giants. Meanwhile, electronic goods manufacturers such as IBM, Phillips, Siemens, and Sony among others have a strong presence in the country. The presence of these electronics manufacturers has made Hungary one of the largest electronic goods manufacturers in the CEE region.
Key Landscape Analysis in the Hungary PESTLE Insights Report
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Key Highlights
In August 2023, Hungary’s Ministry of Construction and Transport introduced a 10-year railway development plan. It focuses on modernizing the rail network, including upgrading Budapest’s HÉV lines, improving intercity connections, and enhancing county routes in collaboration with Volán.
Reasons to Buy
- Macroeconomic Outlook Report identifies the potential of the country as an investment destination by analyzing the political, economic, social, technological, legal, and environmental (PESTLE) structure.
- PESTLE Insights provides a 360-degree view of the economy which can be used as a strategic tool to understand the market dynamics, business potentials, and the direction of operations.
- Along with providing the country’s snapshot, the report captures the risk factors about the macroeconomic risks, political environment, legal environment, demographic and social structure effectiveness, technology & infrastructure, and natural and geographic aspects that might impact business.
- This report also highlights key clusters/cities which contribute significantly to the country’s GDP and population along with major companies’ presence in these areas.
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Frequently asked questions
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What was Hungary's GDP in 2023?
Hungary’s GDP was $211.5 billion in 2023.
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What was Hungary’s rank in the GCRI Q3 2023?
Hungary ranked 41st out of 153 nations in the GCRI Q3 2023.
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Which are the key landscapes in the Hungary PESTLE Insights report?
A few of the key landscapes in Hungary’s PESTLE insights report are the political landscape, economic landscape, social landscape, technological landscape, and environmental landscape among others.
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