Faces and Markets of PRGN is a series of blog posts in 2024 that puts PRGN member agencies and their markets in the spotlight.
Each week, expect to read about a market from an economic, business and communications point of view, brought to you by the very people living and working on the ground in that country, state or region.
The blog pieces illustrate the vast amount of in-depth knowledge of business, media, communications and marketing PRGN brings together having presence in more than 40 countries and 70 cities on six continents through its member agencies globally.
In this week’s blog post, Anna Kondor, Managing Partner and co-founder of Goodwill Communications in Budapest, describes the business and communications environment in Hungary and offers advice to businesses navigating her home market.
Business environment in Hungary
With a business-friendly environment, one of the most competitive tax systems in Europe, a skilled workforce and favourable subsidy opportunities, Hungary has seen record investment in recent years, with the total value of foreign direct investment exceeding €13 billion in 2023, doubling the figure of 2022, thanks to 209 new projects in that year alone. On an annual basis, the number of new jobs created rose by more than 30% to 19,692, another all-time high. The driving force behind all this is Budapest, the capital of Hungary, which was named the Most Liveable City in Eastern Europe in The Economist’s annual list.
Budapest, Hungary | Credit: Givaga (Getty Images)
Communications, media and PR market in Hungary
In line with global trends the Hungarian media market is shaped by two major driving forces. While communications professionals aim to diversify the channels and tools they use to reach different target groups effectively, the need for cost savings and efficiency is important as ever, especially in the face of global economic uncertainties.
In Hungary, political polarisation of media is also a key phenomenon – there are fewer and fewer media outlets that can be considered truly independent, either in terms of their content or their ownership. And even some of the media that describe themselves as objective can also show a direct or indirect political bias.
Key expertise of Goodwill Communications
Goodwill Communications is one of the leading business PR agencies in Hungary, focusing on business strategy and providing communications services primarily to financial players and publicly traded companies. Areas of expertise include:
Strategic PR – From planning to implementation, Goodwill Communications supports the strategic goals with high-level professional knowledge, a perspective embracing complexity and results-oriented communications tools.
Crisis communications – Goodwill Communications contributes to its clients’ success with unbiased and impartial analysis of the situation and a strategic approach.
Expert positioning – Goodwill Communications can build the expert as the number one opinion leader in the field via classic and social media.
Investor relations and communications – The agency creates carefully crafted attractive and authentic stories for a wide range of investors and provides professional PR services to communicate results, as well as market trends and future opportunities of the company.
Top 3 advice for a foreign company navigating the communications environment in Hungary
Political media is extremely divided in Hungary. Pro-government media are very supportive of foreign investments, while others can be more critical, especially when it comes to industrial projects.
Business journalists are interested in the economic impact and the development of foreign investments, as well as foreign investors as global companies. They are also curious about the government’s involvement in projects.
Trade press is generally supportive, but there are some areas (sustainability, for example) that are strongly influenced by political attitudes.
Most influential media for consumer communication in Hungary
TV – In Hungary TV is still the number one medium in terms of daily media consumption.
Social and digital media – The online media market is growing dynamically and has now almost reached the level of TV, not only in terms of overall viewership but also in terms of news consumption.
Radio and print – Both channels primarily offer a prestige value and, given the centralised nature of the Hungarian media, their reach is not negligible.
Most influential media for corporate communications in Hungary
Business and news media platforms – Online news media are the primary source of news for the general public, especially the younger generation.
Professional networking platforms (LinkedIn) – In line with global trends, Linkedin is becoming more and more prominent in the Hungarian corporate sector, especially in terms of expert building and corporate communications.
The most popular social media channels in Hungary
Facebook: 7.4 million users
YouTube: 7.3 million users
Instagram: 3 million users
TikTok: 2 million users
LinkedIn: 1.1 million users
X: <0,5 million users
The most important international events in Hungary in 2024
Brain Bar – Europe’s largest annual festival of the future, which brings together national and international scientists, politicians, business people and cultural figures to debate the most pressing issues of the 21st century.
Sziget Festival – Sziget Festival is one of Europe’s biggest popular music and cultural events, held every August in Budapest on Óbuda Island.
Presidency of the Council of the EU – Hungary holds the rotating presidency of the Council of the European Union for the period July – December 2024.
Hungary by the Numbers*
Population
9.6 million
Languages spoken
Hungarian
Religions (% of population)
Christianity (42.5%)
GDP per capita
$18,575 (2022)
(Real) GDP growth rate
-0.7% (2023, estimated)
Inflation rate
17.6% (2023)
Unemployment rate
4.1% (2023)
Key sectors and industries (% of GDP)
agriculture (3.2%), industry (24%), construction (6.4%), trade, tourism, transport, information (22.8%), real estate, financial and other business services (24.4%), other services: 19.2% (2022)
Mobile penetration (X per 100 people)
83 (2022)
Internet users (% of population)
92.5% (2023)
Corporate profit tax
9% (2023)
Rate of consumer tax or VAT
27% (2023)
* Sources: Statista.com, Hungarian Central Statistical Office, Hungarian Investment Promotion Agency, Central Bank of Hungary
Managing Partner and co-Founder, Goodwill Communications
Anna Kondor is an economist, businesswoman, strategic communications and personal branding advisor. She has more than 20 years of business and management experience, with a focus on strategic consulting, business development, personal branding and concept development in the fields of art and cultural communications. At the beginning of her career, she gained experience at a communications agency and in the insurance sector. In 2003 she co-founded Goodwill Communications, and has been its managing partner to date.
