Hungary is located in Central Europe. Neighbouring countries are Slovakia to the north, Ukraine and Romania to the east, Serbia, Croatia and Slovenia to the south and southwest, and Austria to the west.
Since 2013 the Hungarian economy has been booming, expanding in 2018 by 4.9% compared to the previous year. This rate is mainly in line with the pace of GDP growth that characterises the countries in Central and Eastern Europe. In 2018 the Visegrad countries (Hungary, Poland, Slovakia and the Czech Republic) achieved an economic growth 1.9% higher compared to the EU-average.
The structure of the Hungarian economy is mostly compatible with other European countries representing same level of economic development. Service sector accounts for slightly less than two-thirds of the GDP. Within the service sector, private services (trade, tourism, finance and other economic services) are highly developed. The agricultural sector, for which Hungary has especially favourable climate conditions, represented 4.2 % of the country’s GDP in 2018. In line with international trends, the industrial sector accounts for around one quarter of the country’s GDP. Recently, primarily export-focused industries (e.g. automotive industry) have been able to increase their output significantly.