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: Transport In Budapest
Famous quotes containing the word economy:
“War. Fighting. Men ... every man in the whole realm is in the army.... Every man in uniform ... An economy entirely geared to war ... but there is not much war ... hardly any fighting ... yet every man a soldier from birth till death ... Men ... all men for fighting ... but no war, no wars to fight ... what is it, what does it mean?””
—Doris Lessing (b. 1919)
“The aim of the laborer should be, not to get his living, to get “a good job,” but to perform well a certain work; and, even in a pecuniary sense, it would be economy for a town to pay its laborers so well that they would not feel that they were working for low ends, as for a livelihood merely, but for scientific, or even moral ends. Do not hire a man who does your work for money, but him who does it for love of it.”
—Henry David Thoreau (1817–1862)