Hungarian economic performance is fundamentally export-driven and tied to its major – mainly EU – partners. Almost 80% of foreign trade flow is to EU countries.Germany is the largest export market but regional markets are also important.
He said: "The best method to regain the strength of the continent is to pursue a policy that takes the people’s will into consideration."In Hungary, too, a referendum will be held regarding the mandatory settlement quotas because this is an issue of great importance on which the people have to state their opinions."He said that Europeans have a right to decide themselves on issues which determine the future of Europe.The 2008-2009 global crisis affected Hungary substantially, GDP dropped –by 6.6% in 2009, but managed to increase in the following years, peaking at 3.6% in 2014 due to significantly increased domestic demand and net export.During the course of 20, EU funds were a significant driver of growth The European Commission expects Hungarian economic growth to expand both in 20, by 2.82% and 2.2% respectively, but then start to slow.Last year, Hungary put up a wire fence on the country's southern border to keep out migrants who were crossing from Africa to richer northern Europe.
Information on key security and political risks which UK businesses may face when operating in Hungary.
They retained their two-thirds supermajority, winning 133 seats in the new 199-seat Parliament. Only one member of the centre-left election alliance, the Hungarian Socialist Party (MSZP), secured enough (29) seats to form an official parliamentary group.
MPs nominated by the other members of the alliance (Together 2014 – Dialogue for Hungary; Democratic Coalition and the Liberal Party) sit as independent.
The fall has been in large part a result of the government’s public work scheme (employing currently more than 230,000 citizens) and Hungarians moving to work overseas.
The consumer price index had been negative between October 2014 and April 2015 due in large part to Government imposed utility bill cuts.
During the last five years, Parliament passed dozens of new and amended pieces of legislation, often at great speed.