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Country Profile : HUNGARY

  • Capital:
    		•  Budapest
  • Geography:
    		•  Central Europe - North West of Romania
  • Population:
    		•  010 Million
  • Language(s):
    		•  Hungarian
  • Religion(s):
    		•  Roman Catholic, Calvinist, Lutheran
  • Internet domain:
    		•  .hu

    About the Republic of Hungary

    Widely known for its art, architecture, folk traditions, music and literature, Hungary is also a country of wide rolling plains, thermal spas, beautiful lakes and horse fairs.

    Inhabited for thousands of years by various tribes, one of these - the Magyars eventually gave rise to King Stephen 1, who crowned by Rome in the year 1000, formed the kingdom of Hungary. Magyar tradition forms an important part of Hungarian culture today.

    Hungary enjoyed several periods of European importance over the next few centuries, most notably during the Austro-Hungarian Empire, but found itself on the wrong side during both World Wars ending with Soviet dominance until independence in 1989

    History of Hungary

    Part of the Austro-Hungarian Empire until its collapse during WW1, Hungary allied with fascist Germany and Italy in the run up to WW2 in the pursuit of reclaiming lands confiscated by the Allies in the 1920 Treaty of Trieste.
    By 1947 the Communists were in power, exerting heavy repression on the population in the form of purges and Stalinesque show trials. In 1956, anti-Soviet popular uprisings led to the deaths of thousands of Hungarians after massive Soviet military intervention.
    However, by 1968 Hungary allowed a decentralisation of its economy – known as ‘goulash’ communism, these reforms turned Hungary into one of the most prosperous and successful European communist countries during the 1970s.

    Credited with accelerating the collapse of communism by opening its borders with Austria and allowing an access route through to the West, Hungary gained independence in 1989 and held the first multi-party elections in 1990.

    Joined NATO in 1999 and the EU in May 2004.

    Economy of Hungary

    This early liberalisation of the economy has ensured a fairly smooth transition to free market economics, with widespread foreign investment amounting to nearly half of all investment within the region. Hungary’s largest trading partner is Germany.
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