Hungary is a slowly emerging economy in today’s world. It has seen a lot of turbulence in its economy especially because there the government there was a communist rule in the country right down to the year 1990. In that year the government changed for good and the Hungarian economy was turned from a closed market model to an open market model. This means that the large amount of centralization that was the bane of the Hungarian economy started to be reduced systematically. There has been a lot of progress since that time and the market-based economy in Hungary has been successful so far.

However, the high amount of government spending and the inconsistent business licensing and registration has led to a great crisis in recent year. This has also happened because not all government enterprises have been converted to private ownership and their performance has not been very good lately. Hungary being a member of the EU, has had to take seek out a help package from the EU and the IMF to the tune of $20 billion. This has greatly helped the economy to stabilize in recent times and it helps the country to make room for development.

For importers, the country offers a lot of opportunities. There are several key industries within the country that require imported items to run smoothly. Hungary is a technically advanced country and one where a lot of high-tech equipment is manufactured. For this industry, you can import the high quality raw materials that are often required. This sector also creates a demographic that is not quite rich but has moderate spending power. Your import can also serve their needs by giving them items that they want at a lower price or better quality or both if possible.

Exporting in Hungary is going to be one of the most lucrative opportunities that you have ever come across. The country has recently made a shift from the lower value food and textiles industry to the higher end of manufacturing luxury automobiles, high-end tourism, information technology etc. It is one of the most important aspects of the country because this defines the items that the country has available for export. The country has been exporting these high-end items since their manufacturing was started and exporters will benefit greatly from these.

A shoppers paradise…
Vaci Utca is Budapest’s only pedestrian street and can be found in District V (five). Anyone who loves to shop, shop not to mention spend, will adore this street which is adorned with 19th century architecture. This long street starts from Vörösmarty Square and leads to the Great Market Hall near FÅ’vám Tér.

Due to increased numbers of tourists flocking to Budapest many souvenir shops have popped up in this area in the last few years – perfect if you’re looking for a few last minute pressies or keepsakes of your time in the city.

Many bars and cafes also line the street. If you’re feeling a bit peckish after your shopping experience, there are some great eateries that you can have a drink or a bite to eat. In fact, some of the best local fare can be found along here.

Budapest’s best Department Stores…
Like every European city, a number of huge department stores have settled in Budapest. You’re assured of good quality, reasonable goods in these department stores.

Corvin is a popular department store and is located in the Budapest’s VIII district. Here you’ll find items like kitchen accessories, towels, clothes, furniture, toys and more. There is also a supermarket on the ground floor.

Oh and don’t forget about the well-known British department store, Marks & Spencer’s. It is located on the main shopping street in Budapest Vaci Utca in district V. You’ll also find C&A on Vaci Utca. Both of these department stores have a fine selection of women’s and men’s clothes, sportswear along with baby’s and children’s clothing.

Shopping Centres in Budapest…
Budapest’s malls have proved popular with both locals and tourists alike. Go back 15 years and shopping centres/malls were unheard of in Budapest – they only had the likes of them in New York or Germany. Today though, Budapest has loads of shopping centres located all over the city. These mostly host western shops and brands.

A lot of the malls are situated close to either major intersections or metro stations allowing easy access to them. If you’re staying in the city centre you’re near two of the most popular malls; the Westend City Centre and Mammut Mall.

The Westend is located beside the Western Railway Station. This is actually Central Europe’s largest shopping mall. Hosting over 400 stores, a 14-screen cinema complex, and a massive selection of food areas, you’ll be really impressed by this shopping centre.

Mammut Mall is located on the Buda side at Szena Square and houses over 300 shops. The mall is made up of two seven-story buildings. You’ll find an entertainment centre and numerous restaurants and cafes here too. Perfect for a family day out.

Other shopping malls in Budapest that are well worth a visit include Duna Plaza, MOM Park, Arkad and Lurdy Haz.

Budapest’s best markets…
Budapest is renowned all over the world for its fantastic markets. Some of these excellent markets are housed in grand market halls. Not only are they great places in which to see locals going about their daily business, but also offer high quality produce at cheap prices. Everything from souvenirs, to leather goods, clothes, fresh fruit and vegetables etc. can be found on sale here.

The Central Market Hall is the most popular of all the markets to be found in Budapest. It’s the largest indoor market and is located in the 9th district. Many flock to this market to buy its world-renowned paprika!

The sheer size of the place alone will dumbfound you, not to mention the enormous selection of stalls. Most stalls on the ground floor sell souvenirs, gifts and wine. You’ll also find mouth-watering meats, fresh vegetables and fruit and sublime cheese. If you need to take a break from all this bargaining, there are plenty of snack bars around.