The Hungarian economy
is showing positive prospects which can appeal to foreign investors, as it experienced a significant growth in the fourth quarter of 2015
. An important aspect of the local economy is represented by the industrial sector, which was the main provider of growth measured in terms of Gross Domestic Product (GDP)
. Foreign businessmen interested in opening a company in Hungary
can receive an in-depth presentation on the local economy from our Hungarian company formation specialists
Hungarian economy in 2015
The Hungarian economy grew by 3% throughout 2015, while the GDP growth was set out at 3.2%. The data presented by the Hungarian authorities revealed that the local economy increased for the eleventh time, measured in a consecutive quarterly analysis.
The growth measured in the fourth quarter of 2015 is an effect of the private consumption, which increased to 3.2%. Developments in the labor market, sustained by higher salaries, have had a positive impact on the household consumption.
The activity of foreign investors
on the local market had a great impact on the Hungarian economy
, as the increase in investments
was estimated at 6.5% in the last quarter of 2015, compared to a much lower value of 1.4%, measured in the third quarter.
The local government is interested in reducing the taxation rates in order to boost the local economy, by attracting new businesses on the market. The governmental incentives will aim at several industries, including the banking field; our Hungarian company formation agents
can offer you more details on the government proposal.
Economic growth projections for 2016
Entrepreneurs interested in setting up a business in Hungary
are advised to invest in this market, as the projections for 2016 forecast that the economic growth
will be set out at 2.4%, according to Focus Economics Consensus
analysis. The market will be sustained by tax reductions and better conditions applicable to labor market. Also, the study reports that in 2017 the local GDP
will further increase to 2.6%.