Hungary country-study
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Hungary is a landlocked country in Central Europe. Its capital and largest city is Budapest. Hungary has a population of over 10 million people and its official language is Hungarian. Hungary has a largely flat terrain and temperate climate. It has a developed road and railway network and access to inland waterways via the Danube River. The main industries are machinery, vehicles, chemicals and food processing.
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Hungary country-study
- 1. Presented To Presented by Group: 3 Prof Prajakta Pradhan Ananda Acharya (8) Ekta Bharti (19) Priyanka Singh (40) Shreyans Shah (50) Mikhil Agarwal (30) Yadnesh Thakurdesai (60)
- 2. Ìý
- 3. Hungary (Hungarian or Magyarország )Ìýis a landlocked country in Central Europe It is situated in the Carpathian Basin and is bordered by Slovakia to the north, Ukraine and Romania to the east, Serbia and Croatia to the south, Slovenia to the southwest and Austria to the west The capital and largest city is Budapest Hungary is a member of the European Union, NATO, the OECD, the Visegrád Group, and is a Schengen state The official language is Hungarian, also known as Magyar , which is part of the Finno-Ugric group and is the most widely spoken non-Indo-European language in Europe
- 4. Area: 93,030 sq. km. (35,910 sq. mi.); about the size of Indiana. Cities: Capital-- Budapest (est. pop. 2 million). Other cities-- Debrecen (220,000); Miskolc (208,000); Szeged (189,000); Pecs (183,000). Terrain: Mostly flat, with low mountains in the north and northeast and north of Lake Balaton. Climate: Temperate.
- 5. Nationality : Hungarian(s). Population (December 2009 est.): 10,011,000. Ethnic groups : Magyar 89.9%, Romany 4% (est.), German 2.6%, Serb 2%, Slovak 0.8%, Romanian 0.7%. Religions (2001 census): Roman Catholic 51.9%, Calvinist 15.9%, Lutheran 3%, Greek Catholic 2.6%, Jewish 1%, others, including Baptist Adventist, Pentecostal, Unitarian 3%. Languages: Magyar 98.2%, other 1.8%. Education: Compulsory to age 18. Attendance --96%. Literacy-- 99.4%. Health (2007 est.): Infant mortality rate --8.21/1,000. Life expectancy --men 68.73 yrs., women 77.38 yrs. Work force (2006 est., 4.21 million): Agriculture-- 5.5%; industry and commerce-- 33.3%; services-- 61.2%.
- 6. Type: Republic. Constitution: August 20, 1949. Substantially rewritten in 1989, amended in 1990. New constitution adopted April 18, 2011 enters into effect January 1, 2012. Branches: Executive --president (head of state), prime minister (head of government), Council of Ministers. Legislative --National Assembly (386 members, 4-year term). Judicial --Supreme Court and Constitutional Court. Principal Government Officials President--Pal Schmitt Prime Minister--Viktor Orban Minister of Foreign Affairs--Janos Martonyi Administrative regions: 19 counties plus capital region of Budapest.
- 7. The Hungarian Forint is the currency in Hungary (HU, HUN). The symbol for HUF can be written Ft. 1HUF= 0.208720 INR The Indian Rupee is the currency in India (IN, IND). The symbol for INR can be written Rs. The Indian Rupee is divided into 100 paise 1INR=4.79111HUF
- 9. HungarianÌýbreakfast Ìýgenerally is anÌýopen sandwichÌýwith fresh bread or a toast, butter, cheese , cold cuts such as ham, véres hurka Ìý(similar toÌýblack pudding), bacon,Ìýsausages ÌýEven eggs, (fried, scrambled or boiled),ÌýFrench toastÌýcalledÌý bundáskenyér Ìý It also include cup of milk, tea or coffee with pastries, aÌýbun, Ìýwith jam or honey, or cereal likeÌýmuesliÌýand perhaps fruit Lunch Ìý is the major meal of the day, usually with several courses. Soup is followed by a main dish. The main dish is a dish including meat andÌýsalad, which precedes theÌýdessert. Fruit may follow. In Hungary, pancakes are served as a main dish Ìý Dinner Ìýis a far less significant meal than lunch. It may be similar to breakfast, usually an open sandwich, yogurt orÌý virsli Ìý(hot dog sausage) with a bun, more seldom a cake, pancakes ( palacsinta ), and it consists of only one course.
- 10. Hungarian winesÌýdate back to at leastÌýRomanÌýtimes. The best-known wines are the whiteÌýdessert wineÌýcalledÌý Tokaji Ìý(after the North-Eastern region of Hungary, Tokaj) and the red wines from Villány (Southern part of Hungary). Famous is also the wine calledÌýBull's BloodÌý( Egri Bikavér ), a dark, full-bodied red wine. Hungarian fruit wines , like redcurrant wine, are mild and soft in taste and texture. Hungary's most notable liquors are Unicum , a herbalÌýbitters, andÌý Pálinka , a range of fruitÌýbrandies. Also notable are the 21 brands of Hungarian mineral waters . (for exampleÌý Apenta ÌýandÌý Kékkúti ) Traubi ÌýorÌý Traubisoda , is aÌýsoft drinkÌýbased on an Austrian license produced inÌýBalatonvilágosÌýsince 1971.
- 11. Hungary's central location in Europe and the dense motorway network is one of its most important competitive advantages Ìý Hungary is determined not only to preserve, but also to enhance its infrastructural network and to improve its integration into the European network. Road Network Hungary has an extensive road system, centred in Budapest, and the most developed highway network among new EU member states. The length of the country's expressway network is 1,110 km. Ìý The improvement of the highway network and four-lane motorways linking all the major cities in Hungary will result in an approximately 40% decrease of driving times on the main inter-city routes. Ìý Motorways are marked by 'M', international roads (European transit roads) are marked by 'E'. Ìý Seven of the eight main roads start from Budapest (designated by single digit numbers, running clockwise from the Vienna motorway M1) and all of them link up with the European road network.
- 12. The railway network covers the whole country and is an integral part of the international railway network, thus providing easy access by international express trains from the neighbouring and numerous other European countries. Fast connection to sea ports Several scheduled block train lines connect Hungary with the sea ports of Hamburg (D), Bremen (D) and Rotterdam (NL) on the North Sea, with Koper (Sl) and Trieste (I) on the Adriatic and soon with Constantza (RO) on the Black-Sea. The Koper, TriesteÌý and Constantza seaports also offer alternative shipping routes from Asia. Lead time from these ports to Hungary is within 16-36 hours by road or direct train. Over 20% of freight is transported by rail in Hungary
- 13. Inland Waterways Hungary is landlocked but has access to the Black Sea and the North Sea via the river Danube. Major inland ports are located in GyÅ‘r-Gönyü, Budapest, Dunaújváros and Baja. The opening of the Danube-Rhine-Main channel in 1992 made possible the performance of export-import traffic with the countries along the Rhine and the maritime ports in the North Air The main International Airport in Hungary is the Budapest Airport in Ferihegy, Budapest. Ìý The airport currently operates on two modern terminals. Budapest is serviced by numerous major international airlines, with significant growth in the charter air service market to closer destinations in the region. Budapest is also accessible by some low-cost airlines as well.
- 14. The following significant taxes and levies are imposed in Hungary:Ìý Central Taxes 1.ÌýÌýÌý Corporate income tax 2.ÌýÌýÌý VAT 3.ÌýÌýÌý Personal income tax Ìý Local Taxes 1.ÌýÌýÌý ÌýBuilding tax 2.ÌýÌýÌý ÌýLand tax 3.ÌýÌýÌý ÌýCommunal tax 4.ÌýÌýÌý ÌýLocal business tax Ìý Tax-Related Incentives 1.ÌýÌý Development Tax Allowance 2.ÌýÌý R&D-related tax benefits Ìý Ìý
- 15. There is a small resident Indian community in Hungary, mostly professionals in IT industry and business, including a transient community of about 80 students who are studying in various universities of Budapest, Pecs, Szeged etc.Ìý From time to time, there is an exchange of research scholars and scientists . In recent years, the number of Indians in Hungary is estimated to be 300-350.
- 16. Nation of Horsemen The Ancient Hungarians lived in Euro-Asian nomadic pastoral region, where keeping & uses of horses played an important role in their lives Horse & Horse riding has a central place in Hungarian History ïƒ Nation of horsemen Invitation to foreigners for horseback riding are not common Family in Hungary Family is centre of the social structure Generation of extended family often live together The grandparents play an important role in helping raise the grandchildren Family provides both emotional & financial support to its member
- 17. Business is conducted Slowly Hungarians are very detail-oriented and want to understand everything before reaching an agreement Contract should be clear & concise Contract function as statements of intent. (if any change then the contract will accommodate the revised condition) Hungarian are skilled negotiators Avoid confrontational behavior or high-pressure sales tactics Deals in Hungary cannot be finalized without lot of eating, drinking & entertaining
- 18. GDP: HUF 27,120 billion (approx. $130.3 billion, at $1=HUF 208.15 - average exchange rate ) Annual growth rate : 1.2% Per capita GDP : $13,029 Natural resources: bauxite, coal, natural gas, and arable land Agriculture/forestry (2.94% of GDP) Products-- meat, corn, wheat, sunflower seeds, potatoes, sugar beets, and dairy products Industry and construction (25.9% of GDP) Types --machinery, vehicles, chemicals, precision and measuring equipment, computer products, medical instruments, pharmaceuticals, and textiles
- 19. There were around 25 Indo-Hungarian joint ventures in India, mostly in the area of pharmaceuticals and vacuum technology. ÌýAt present there is one India-Hungary JV in India. Ìý The leading pharmaceutical company of Hungary, has invested US $ 20 million in a 51:49 Joint Venture with Indian firm Themis Medicare Ltd., based in Mumbai, to expand production capacity.
- 20. India's biggest IT and software company Tata Consultancy Services(TCS) has set up a European Software Development Centre(SDC) in Budapest. A Calcutta based companyË™ M/sÌýBharat McNallyÌýEngineering Ltd acquired in the year 2000, 90% of the equity ofË™ a Hungarian company called M/s Eroterv Wagner Biro Ltd., which specialises in handling ash in large plants.
- 21. Exports ($112.7 billion) Machinery, Vehicles, Food, Beverages, Tobacco, Crude materials, Manufactured goods, Fuels and electric energy Imports ($103.11 billion) Machinery, Vehicles, Manufactured goods, Fuels and Electric energy, Food, Beverages, and Tobacco Major markets --EU (Germany, Austria, Italy, France, U.K., Romania, Poland) Major suppliers --EU (Germany, Austria, Italy, France, Netherlands, Poland), Russia, and China
- 22. Exports - $82.49billion(2009 est.) Exports goods – Machinery and equipment 61.1% Other manufactures 28.7% Food products 6.5% Raw materials 2% Fuels and electricity 1.6% Main export partners Germany 25.4% Italy 5.2% Romania 5.1% Austria 4.7% Taiwan 4.5% Slovakia 4.5% France 4.5% UK 4.4%
- 23. Imports - $75.93 billion (2009 est.) Import goods Machinery and equipment 51.6% Other manufactures 35.7% Fuels and electricity 7.7% Food products 3.1% Raw materials 2.0% Main Import partners Germany 24.6% Russia 8.7% China 7.2% Austria 6% Taiwan 4.9% Netherlands 4.4% France 4.2% Italy 4.1%
- 24. Hungarian banks have no direct exposure to the U.S. sub-prime market The banking system appears well-capitalized and profitable Lower interest margins reflect buoyant competition and Hungary’s nonperforming loan ratio has been stable in part because banks have sold overdue loans to workout companies, firms that buy debt at favorable prices and then help borrowers reduce or restructure either their debt or payment obligations Rapid credit growth has been driven in part by the easing of lending standards for both individual consumers and households In Hungary, most of the banking system is foreign-owned
- 25. Hungary's impending inability to service its short-term debt - brought on by the global financial crisis in late 2008 - 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 new 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 economy rebounded in 2010 with a big boost from exports, especially to Germany, and growth of more than 2.5% is expected in 2011 Unemployment remained high, at more than 10% in 2010.
- 26. www.hungary.com www.state.gov www.cia.gov/library
- 27. THANK YOU