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Budapest among best-performing European cities

Budapest has been ranked third in a Best-Performing Cities index for Europe, released by U.S.-based independent economic think tank the Milken Institute. The report classifies not only cities, but also regions, with Inner London-East ranking first.

The Milken Institute’s inaugural Best-Performing Cities Europe index provides a way to measure which European regions offer the greatest opportunities for prosperity across the continent. The ranking measures metropolitan areas’ economic performance using outcomes-based metrics including job creation, wage gains, manufacturing, and skilled service industry concentration, according to a press release sent to the Budapest Business Journal.

The index is led by Inner London-East, with its dynamic economy, flourishing information and communication technology sectors, and skilled international workforce. In fact, three of London’s component regions classified by Eurostat’s Nomenclature of Territorial Units for Statistics ranked among the top tier of 279 regions evaluated in the report.

Stockholm, with its thriving tech community and advanced manufacturing sector, ranked a close second, while Budapest, which has been creating new jobs at an unparalleled pace, came in third. Overall, five U.K. cities/regions ranked in the top 20, while four were in Poland.

More details and the full report is available on the Milken Institute website.