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.
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Famous quotes containing the word economy:
“Everyone is always in favour of general economy and particular expenditure.”
—Anthony, Sir Eden (1897–1977)
“I favor the policy of economy, not because I wish to save money, but because I wish to save people. The men and women of this country who toil are the ones who bear the cost of the Government. Every dollar that we carelessly waste means that their life will be so much the more meager. Every dollar that we prudently save means that their life will be so much the more abundant. Economy is idealism in its most practical terms.”
—Calvin Coolidge (1872–1933)