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HUNGARY Tenders




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Capital Budapest
ISO 3166 Code HU
Population 9,879,000
Area, Sq KM 93,030
Currency Forint
Official Language Hungarian
GDP, Billion USD 1,33,424
GDP Growth Rate, % 2.8
Inflation, Avg CP, % Chng N/A
Interest Rates, % N/A
Unemployement Rate, % 9.43
Exchange Rate, 1 USD Equals 275.88
International dial code 36
Time Zone GMT+01:00
Internet TLD .hu

Hungary was formally known until 2012 as the Republic of Hungary. It is a landlocked country that is located in Central Europe. Bordered by Romania to the east, Slovakia to the north, Serbia to the south, Slovenia to the west and Croatia to the southwest along with Ukraine to the northeast and Austria to the northwest, Hungary is situated in the Carpathian Basin. The capital of the countryis also the largest city and is called Budapest. Hungary is a member of the European Union, the OECD, NATO, the OECD along with the Schengen Area and the Visegrád Group. The official language of the country is Hungarian, which is also the most widely spoken non-Indo-European language in entire Europe. Hungary has seen centuries of successive habitation by Romans, Celts, Slavs, Huns, Slavs, etc. The foundation of the country was laid in 9th century and by the 12th century; Hungary became a middle power among the Western world. It reached its golden age by the 15th century. The current borders of the country were established first after the World War I by the Treaty of Trianon and that’s when the country almost lost 58% of its population and 71 percent of its territory. In the year 1989, the country became a democratic parliamentary republic. Hungary is an upper-middle-income country and has a very high Human Development Index. This country is known to be one of the most popular tourist destinations and usually 10.675 million tourists visit the country every year. Hungarian economy of Hungary is a medium-sized economy and has an upper-middle-income along with having a politically, structurally and institutionally open economy, which is a part of the European Union's single market. The economy of the country experienced market liberalization during the beginning of 1990s. Forint is the official currency of Hungary but it is thinking of adopting Euro. Tourism in this country plays a very important role as well. In Hungary, the private sector accounts for more than 80% of the gross domestic product. In this country, the foreign ownership of and investment in the firms are quite widespread and the foreign direct investment is worth more than 70 billion dollars. Mining, textiles, motor vehicles, processed food, metallurgy, construction materials, chemicals along with motor vehicles industries play a prominent role in the country and constitute some of the essential industries. Some of the main agricultural products of the country include corn, wheat, potatoes, sunflower seed, along with poultry, pigs, cattle and dairy products.

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