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Economy and Banking Sector of Hungary

Hungary
Location
Central Europe
EU Status
member since 2004

Hungary is a country in Central Europe , a member of the European Union since 2004.

Currency
HUF (Hungarian forint)
Population  (2017)
9 797 561  (0.00%)
Nominal GDP (2017)
123.5 bln EUR  (+0.09%)
Credit Ratings (as of May 2018)
BBB-/Baa3

Hungary is a high-income mixed economy. Major industries of the Hungarian economy include food processing, pharmaceuticals, motor vehicles, chemicals, metallurgy, machinery, and tourism.

Withholding tax rates in Hungary are 0.0-16.0 %. Hungary signed 77 double taxation agreements.
Hungary signed the automatic information exchange agreement on 29 October 2014 and committed to start the automatic information exchange in September 2017.
Hungary has FATCA agreement with the U.S. in effect since 04 February 2014 (Intergovernmental Agreement Model 1).

Number of Banks
72
Consolidated Banking Assets (2017)
120.11 bln EUR  (+11.10%)
Deposit Guarantee
100 000 EUR

Hungarian banking sector is dominated by foreign-controlled banks from the neighbouring countries, operating as universal banks. Along with these banks, there are regional savings and mortgage banks and building societies.

See Also