Editing Budapest (section)

== Economy ==
{{Further|List of companies based in Budapest|Economy of Hungary}}
{{update section|date=September 2018}}
[[File:Eco MOL (solar powered) petrol station. - Budapest, XII. distr. Istenhegyi St., 55.JPG|thumb|right|[[MOL Group]] solar powered [[filling station]] in Budapest]]
[[File:Richter-Gedeon-Nyrt-P5010610.jpg|thumb|right|[[Research and development]] centre of [[Gedeon Richter Plc.|Richter Gedeon]] in Budapest]]
[[File:Budapest_Szabadsag-ter_Bank_Center_0853.jpg|right|thumb|[[Budapest Stock Exchange]] at [[Liberty Square (Budapest)|Liberty Square]]]]
Budapest is a significant economic hub, classified as a Beta + world city in the study by the [[Globalization and World Cities Research Network]] and it is the second fastest-developing [[urban economy]] in Europe as GDP per capita in the city increased by 2.4 per cent and employment by 4.7 per cent compared to the previous year in 2014.<ref name="Brookings Institution">{{cite web |url=https://hungarytoday.hu/budapest-europes-second-fastest-developing-urban-economy-study-reveals-29576/ |title=Budapest Europe's Second Fastest-Developing Urban Economy, Study Reveals – The study examines the development of the world's 300 largest urban economies, ranking them according to the pace of development. |date=23 January 2015 |publisher=Brookings Institution |access-date=8 March 2016 |archive-date=10 October 2017 |archive-url=https://web.archive.org/web/20171010075722/http://hungarytoday.hu/news/budapest-europes-second-fastest-developing-urban-economy-study-reveals-29576 |url-status=dead }}</ref><ref name="auto1" /> On national level, Budapest is the [[primate city]] of Hungary regarding business and the economy, accounting for 39% of the national income. The city had a [[gross metropolitan product]] of more than $100&nbsp;billion in 2015, making it one of the largest regional economies in the European Union.<ref>{{cite web |url=https://www.portfolio.hu/users/elofizetes_info.php?t=cikk&i=167708 |title=Hungary's GDP (IMF, 2016 est.) is $265.037&nbsp;billion x 39% = $103,36&nbsp;billion |publisher=Portfolio online financial journal |access-date=10 June 2013 |archive-url=https://web.archive.org/web/20140312045345/http://www.portfolio.hu/users/elofizetes_info.php?t=cikk&i=167708 |archive-date=12 March 2014 |url-status=dead}}</ref>
According to [[Eurostat]] GDP, per capita in [[purchasing power parity]] is 147% of the EU average in Budapest, which means €37,632 ($42,770) per capita.<ref name="Iz.sk2" />
Budapest is also among the Top 100 GDP performing cities in the world, measured by [[PricewaterhouseCoopers]]. The city was named as the 52nd most important business centre in the world in the [[Worldwide Centres of Commerce Index]], ahead of Beijing, São Paulo and [[Shenzhen]] and ranking 3rd (out of 65 cities) on the [[MasterCard]] [[Emerging Markets Index]].<ref name="MasterCard">{{cite web |url=http://www.mastercard.com/us/company/en/newsroom/pr_new_mastercard_research_ranks_65_Cities_in_emerging_markets.html |title=New MasterCard Research Ranks 65 Cities in Emerging Markets Poised to Drive Long-Term global Economic Growth |publisher=MasterCard |date=22 October 2008 |access-date=7 July 2009}}</ref><ref>{{cite web |url=http://www.mastercard.com/us/company/en/insights/pdfs/2008/MCWW_WCoC-Report_2008.pdf |archive-url=https://ghostarchive.org/archive/20221009/http://www.mastercard.com/us/company/en/insights/pdfs/2008/MCWW_WCoC-Report_2008.pdf |archive-date=9 October 2022 |url-status=live |title=Worldwide Centers of Commerce Index |year=2008 |publisher=MasterCard Worldwide |access-date=12 May 2014}}</ref> The city is 48th on the [[UBS]] ''The most expensive and richest cities in the world'' list, standing before cities such as Prague, Shanghai, Kuala Lumpur and [[Buenos Aires]].<ref>{{cite web |url=http://www.citymayors.com/economics/expensive_cities2.html |title=World's most expensive cities in 2012 – Ranking |publisher=City Mayors |access-date=10 June 2013}}</ref>
In a global city competitiveness ranking by the [[Economist Intelligence Unit|EIU]], Budapest stands before [[Tel Aviv]], Lisbon, Moscow and [[Johannesburg]] among others.<ref>{{cite web |url=http://www.economistinsights.com/sites/default/files/downloads/Hot%20Spots.pdf |title=Benchmarking global city competitiveness |year=2012 |publisher=Economist Intelligence Unit |access-date=12 May 2014 |archive-url=https://web.archive.org/web/20140709133545/http://www.economistinsights.com/sites/default/files/downloads/Hot%20Spots.pdf |archive-date=9 July 2014 |url-status=dead}}</ref>

The city is a major centre for banking and finance, real estate, retailing, trade, transportation, tourism, [[new media]] as well as [[traditional media]], advertising, [[legal services]], [[accountancy]], insurance, fashion and the arts in Hungary and regionally. Budapest is home not only to almost all national institutions and government agencies, but also to many domestic and international companies. In 2014 there were 395.804 companies registered in the city.<ref>{{cite web |url=https://www.ksh.hu/docs/hun/xstadat/xstadat_evkozi/e_qvd017c.html |title=6.3.2.1. A regisztrált vállalkozások száma (Number of registered companies) |publisher=Ksh.hu |access-date=8 March 2016}}</ref> Most of these entities are headquartered in Budapest's Central Business District, in [[Belváros-Lipótváros|District V]] and [[Újlipótváros|District XIII]]. The retail market of the city (and the country) is also concentrated in the downtown area, among others, in the two largest shopping centres in [[Central and Eastern Europe]], the 186,000 sqm [[WestEnd City Center]] and the 180,000 sqm [[Arena Plaza]].<ref>{{cite web |title=Budapest City Report 2013 |url=http://www.joneslanglasalle.hu/ResearchLevel1/Budapest_City_Report_Q3_2013_Final.pdf |date=September 2013 |publisher=Jones Lang LaSalle |access-date=12 May 2014 |url-status=dead |archive-url=https://web.archive.org/web/20140419012620/http://www.joneslanglasalle.hu/ResearchLevel1/Budapest_City_Report_Q3_2013_Final.pdf |archive-date=19 April 2014}}</ref><ref>{{cite web |url=http://www.plazacenters.com/index.php?p=project&id=127 |title=Arena Plaza – Hungary |year=2014 |publisher=Plaza Centers |access-date=12 May 2014}}</ref>

Budapest has notable innovation capabilities as a technology and start-up hub. Many [[Startup company|start-ups]] are headquartered and begin their business in the city. Some of the best known examples are [[Prezi]], [[LogMeIn]] and [[NNG (company)|NNG]]. Budapest is the highest ranked [[Central and Eastern Europe]]an city in the Innovation Cities' Top 100 index.<ref name="Innovation-cities.com">{{cite web |url=https://www.innovation-cities.com/innovation-cities-top-100-index-top-cities |title=Innovation Cities Top 100 Index " Innovation Cities Index & Program – City data training events from 2THINKNOW for USA Canada America Europe Asia Mid-East Australia |publisher=Innovation-cities.com |date=1 September 2010 |access-date=15 September 2011}}</ref> A good indicator of the city's potential for innovation and research, is that the [[European Institute of Innovation and Technology]] chose Budapest for its headquarters, along with the UN, whose Regional Representation for Central Europe office is in the city, responsible for UN operations in seven countries.<ref>{{cite web |url=http://www.unhcr-centraleurope.org/en/about-us/unhcr-in-central-europe.html |title=Central Europe's regional office |year=2014 |publisher=United Nations |access-date=12 May 2014 |url-status=dead |archive-url=https://web.archive.org/web/20130826202405/http://www.unhcr-centraleurope.org/en/about-us/unhcr-in-central-europe.html |archive-date=26 August 2013}}</ref> Moreover, the global aspect of the city's research activity is shown through the establishment of the European Chinese Research Institute in the city.<ref>{{cite web |url=http://promote-cee.com/region/2011/09/18/budapest-to-be-european-headquarters-for-chinese-research-institute/ |title=Budapest to be CEE Region Headquarters for Chinese Research Institute |date=18 September 2011 |publisher=Promote CEE – Investment in the CEE Region |access-date=12 May 2014 |url-status=dead |archive-url=https://web.archive.org/web/20140419040141/http://promote-cee.com/region/2011/09/18/budapest-to-be-european-headquarters-for-chinese-research-institute/ |archive-date=19 April 2014}}</ref> Other important sectors also include, [[natural science]] research, information technology and medical research, non-profit institutions, and universities. The leading business schools and universities in Budapest, the [[Budapest Business School]], the [[CEU Business School]] and [[Corvinus University of Budapest]] offer a whole range of courses in economics, finance and management in English, French, German and Hungarian.<ref>{{cite web |url=http://en.bgf.hu/news/news201108041 |title=Bachelor, Master and PhD study programs in foreign languages |date=4 August 2011 |publisher=Budapest Business School |access-date=12 May 2014 |archive-date=26 October 2014 |archive-url=https://web.archive.org/web/20141026041159/http://en.bgf.hu/news/news201108041 |url-status=dead}}</ref> The [[unemployment rate]] in Budapest is by far the lowest within Hungary. It was 2.7%, with many thousands of employed foreign citizens.<ref>{{cite web |url=http://www.pestesely.hu/doc/Employmentsituation_ang.pdf |title=Budapest status of employment |publisher=Budapest Public Employment Service Non-profit Company |access-date=12 May 2014 |archive-url=https://web.archive.org/web/20140423214258/http://www.pestesely.hu/doc/Employmentsituation_ang.pdf |archive-date=23 April 2014 |url-status=dead}}</ref>

Budapest is among the 25 most visited cities in the world, welcoming more than 4.4&nbsp;million international visitors each year,<ref>{{cite web |url=https://blog.euromonitor.com/2013/01/top-100-cities-destination-ranking.html |title=Top 100 Cities Destination Ranking – Analyst Insight from Euromonitor International |publisher=Blog.euromonitor.com |date=21 January 2013 |access-date=10 February 2016 |archive-date=16 June 2018 |archive-url=https://web.archive.org/web/20180616153730/https://blog.euromonitor.com/2013/01/top-100-cities-destination-ranking.html |url-status=dead }}</ref> therefore the traditional and the congress tourism industry also deserve a mention, as they contribute greatly to the city's economy. The capital is home to many [[Convention center|convention centre]]s and there are thousands of restaurants, bars, coffee houses and party places, besides a full range of hotels. As regards restaurants, examples can be found of the highest quality [[List of Michelin starred restaurants#By country|Michelin-starred]] restaurants, such as Onyx, Costes, Tanti and Borkonyha. The city ranked as the most liveable city in [[Central and Eastern Europe]] on EIU's [[quality of life]] index in 2010.

=== Finance and corporate location ===
{{multiple image
| perrow            = 2
| align             = left
| total_width       = 320
| image1            = Szabadság Square, Stock Exchange Palacve.jpg
| image2            = Stock Exchange Palace by Ignác Alpár, detail, 2011 Budapešť 0799.jpg
| footer            = Hungarian Stock Exchange Palace on [[Liberty Square (Budapest)|Liberty Square]]
}}

The [[Budapest Stock Exchange]], a key institution of publicly offered securities in Hungary and [[Central and Eastern Europe]], is situated in Budapest's CBD at [[Liberty Square (Budapest)|Liberty Square]]. BSE also trades other [[security (finance)|securities]] such as [[government bond]]s and [[derivative (finance)|derivatives]] as well as [[stock option]]s. Large Hungarian [[multinational corporation]]s headquartered in Budapest are listed on the BSE, for instance the [[Fortune Global 500]] firms [[MOL Group]], the [[OTP Bank]], [[FHB Mortgage Bank|FHB Bank]], [[Gedeon Richter (company)|Gedeon Richter]], [[Magyar Telekom]], [[CIG Pannonia]], [[Zwack liqueur|Zwack Unicum]] and more.<ref>{{cite web |url=https://money.cnn.com/magazines/fortune/global500/2012/countries/Hungary.html?iid=smlrr |title=Global 500 – Countries: Hungary – Fortune |work=[[Money (magazine)|Money]] |date=23 July 2012 |access-date=10 June 2013}}</ref> Nowadays nearly all branches of industry can be found in Budapest. Although there is no particularly special industry in the city's economy, the [[financial centre]] role of the city is strong, with nearly 40 major banks being represented in the city including<ref>{{cite web |url=http://www.pszaf.hu/en/left_menu/pszafen_publication/creditdata.html |title=HFSA – Credit institutions' data |publisher=Pszaf.hu |access-date=10 June 2013 |url-status=dead |archive-url=https://web.archive.org/web/20130312203331/http://www.pszaf.hu/en/left_menu/pszafen_publication/creditdata.html |archive-date=12 March 2013}}</ref> as well as those like [[Bank of China]], [[Korea Development Bank|KDB Bank]] and [[Hanwha]] Bank, which are unique in the region.
[[File:Mol Campus.jpg|thumb|right|[[MOL Campus]], a neomodern skyscraper and the headquarters of [[MOL (company)|MOL Group]]]]
Many international banks and financial service providers also support the financial industry of Budapest, firms such as [[Citigroup]], [[Morgan Stanley]], [[GE Capital]], [[Deutsche Bank]], [[Sberbank]], [[ING Group]], [[Allianz]], [[KBC Group]], [[UniCredit]] and [[MSCI]] among others. Another particularly strong industry in the capital city is the [[biotechnology]] and [[pharmaceutical industry]]. There are also traditionally strong domestic companies in Budapest such as Egis, Gedeon Richter, Chinoin as well as international biotechnology corporations such as [[Pfizer]], [[Teva Pharmaceutical Industries|Teva]], [[Novartis]], [[Sanofi]], which also have [[R&D]] and production divisions here. Further high-tech industries, involved in [[software development]] and engineering are notable as well. [[Nokia Networks|Nokia]], [[Ericsson]], [[Robert Bosch GmbH|Bosch]], [[Microsoft]] and [[IBM]] employ thousands of engineers in research and development in the city. [[Game design]] is also strongly represented with headquarters of domestic companies [[Digital Reality]], [[Black Hole Entertainment|Black Hole]] and the studios of [[Crytek]] and [[Gameloft]]. Apart from the above, there are regional headquarters of global firms such as [[Alcoa]], [[General Motors]], [[General Electric]], [[ExxonMobil]], [[BP]], [[BT Group|BT]], [[Flextronics]], [[Panasonic]], [[Huawei]], [[Knorr-Bremse]], [[Liberty Global]], [[Tata Consultancy Services|Tata Consultancy]], [[Aegon N.V.|Aegon]], [[WizzAir]], [[TriGránit]], [[MVM Group]] and [[Graphisoft]]. There is a base for major international companies including, but not limited to, [[Nissan]] CEE, [[Volvo]], [[Saab Automobile|Saab]] and [[Ford Motor Company|Ford]].