Budapest - Economy

main">

Economy

Budapest became a global city due to industrialization. In 1910, 45.2% of the total population were factory workers. The Hungarian capital was one of the largest industrial cities in Europe with 600,000 factory workers in the 1960s. Between 1920 and the 1970s more than half of Hungary's total industrial output was made in Budapest. Metalworking (FÉG), textile industry and automobile industry (Ikarus) were the main sectors before the structural changes.

Now nearly all branches of industry can be found in Budapest. Main products are communication engineering and computer appliances, electric machines, incandescent lamps (General Electric). Pharmaceutical industry is also important, well-known Egis, Gedeon Richter Ltd. and Chinoin companies are Hungarian, Teva also has a division here.

Industry is rather in the suburbs, the centre is place for the main national and international service and financial companies like Hungarian Telekom, General Electric, Vodafone, Telenor, Erste Bank, CIB Bank, K&H Bank&Insurance, UniCredit, Budapest Bank, Generali Providencia Insurance, ING, Aegon Insurance, Allianz. Regional base of Volvo Co., Saab, Ford, GE, IBM, TATA Consultancy Services Limited are in Budapest. MOL Hungarian Oil and Gas Company which with its Subsidiaries, is a leading integrated oil and gas company in Central & Eastern Europe, and OTP Bank which is the biggest Hungarian bank, with branches in 8 other countries as well, are based in the capital.

Budapest is the centre of services, financial counselling, money transactions, commercial and estate services. Trade and logistic services are well-developed. Tourism and catering also deserve mention, the capital being home to thousands of restaurants, bars, coffee houses and party places.

Read more about this topic:  Budapest

Other articles related to "economy":

Great Depression - Causes - Demand-driven - Keynesian
... and Money that lower aggregate expenditures in the economy contributed to a massive decline in income and to employment that was well below the average ... In such a situation, the economy reached equilibrium at low levels of economic activity and high unemployment ... simple to keep people fully employed, governments have to run deficits when the economy is slowing, as the private sector would not invest enough to keep ...
Katanga Province - Economy
... Copper mining is an important part of the economy of Katanga province ... Cobalt mining by individual contractors is also prevalent ...
Quincy, Massachusetts - Economy
... During its history Quincy has been known as a manufacturing and heavy industry center, with granite quarrying dominating employment in the 19th century and shipbuilding at Fore River Shipyard and Squantum Victory Yard rising to prominence in the 20th century ... The recent decades have seen a shift in focus to several large employers in the financial services, insurance and health care sectors of the economy ...
Scotland - Economy and Infrastructure
... Scotland has a western style open mixed economy that is closely linked with the rest of Europe and the wider world ... Traditionally, the Scottish economy has been dominated by heavy industry underpinned by the shipbuilding in Glasgow, coal mining and steel industries ... a shift from a manufacturing focus towards a more service-oriented economy ...
Iran–Iraq War - Home Front - Iran - Economy
... The war furthered the decline of the Iranian economy that had begun with the revolution in 1978–79 ... Between 1979 and 1981, foreign exchange reserves fell from US$14.6 billion to $1 billion ...

Famous quotes containing the word economy:

    The counting-room maxims liberally expounded are laws of the Universe. The merchant’s economy is a coarse symbol of the soul’s economy. It is, to spend for power, and not for pleasure.
    Ralph Waldo Emerson (1803–1882)

    Wise men read very sharply all your private history in your look and gait and behavior. The whole economy of nature is bent on expression. The tell-tale body is all tongues. Men are like Geneva watches with crystal faces which expose the whole movement.
    Ralph Waldo Emerson (1803–1882)

    Everyone is always in favour of general economy and particular expenditure.
    Anthony, Sir Eden (1897–1977)