- Land area
- 93,030 km2
- 9.9 million
- Hungarian forint [HUF]
The Republic of Hungary is situated in Central Europe, surrounded by the Carpathian Mountains. It shares a border with seven countries and is home to nearly ten million people, one-quarter of which live in the capital city of Budapest. Since 2005, Hungary’s economic growth has slowed down; the global financial crisis has taken its toll on the country. In an effort to build Hungary into a competitive national economy within Europe, the government is aspiring to create new jobs and rework the corresponding legal framework.
Having experienced pressure from many sides in recent years, the retail industry also hopes to see a renewal in the employment market. A high rate of unemployment, a decrease in real earnings and an increase in taxes have dulled consumers’ appetite for spending. Growth potential can primarily be seen among supermarkets, discounters and smaller superstores, which already serve as the main retail formats in Hungary’s retail landscape today.