There has also been a drop in the number of western European affiliates operating in Hungary, but the trend was especially seen in relation to US firms, the paper said, citing information from Opten company information services director Richárd Pertics.

Only 2,100 US-owned companies operate currently in Hungary, as against over 3,400 five years ago, the paper said.

In addition to the decline in the number of companies, their overall turnover also significantly dropped, from a reported 1.2 trillion forints (EUR 3.9bn) in 2010 to 800 billion forints in 2015, the paper added.

Republished with permission of Hungary Matters, MTI’s daily newsletter.