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Foreign firms amassed HUF 47 tln revenues in 2017

Foreign-owned non-financial companies posted a total of HUF 47 trillion in sales revenues in Hungary in 2017, some 6.9% more in current prices than in 2016, according to research findings based on preliminary data released by the Central Statistical Office (KSH).

Foreign-owned companies and their subsidiaries employed 26.4% of all corporate employees, but accounted for 50.2% of all revenues in 2017, the data show.

Foreign companies provided 56.2% of all production value, 50% of all added value, and 43.9% of all gross investment in the corporate sector.

Foreign-owned companies derived 84% of their revenues from the three sectors of manufacturing, commerce and logistics in 2017. They accounted for 56% of all revenues in the IT sector, and 72% in the manufacturing sector.

In current prices, added value from foreign-owned firmsʼ production reached HUF 9.9 tln in 2017, up 8.7% compared to 2016, while in the whole business sector it was up 12% on average. 

Gross investments of foreign firms reached HUF 2.5 tln in 2017, with annual growth of 7.4%, falling behind the total average investment growth of 18% in the business sector. However, investment by foreign companies in the manufacturing sector was up 14%. 

Foreign companies employed 715,000 workers in 2017, some 4.1% more than the preceding year. Employment growth throughout the entire business sector was 1.5%. The pace of hiring by foreign companies was up a notable 11% in science and engineering-related occupations, the KSH data reveal.