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What's the Role of Váci Road Office Corridor in the Hungarian Economy?

Feb 17th, 2020

Companies with their headquarters located in Budapest between Nyugati Railway Station and Újpest Center metro station in Váci Road, play a huge role in Hungary’s economy. Most of the companies here offer services, with only a negligible amount of manufacturing, making them less eye-catching than a car manufacturing company.

The G7.hu analysis shows 763 companies in this part of Budapest with sales of at least 50 million HUF in recent years.

These companies accounted for 3 percent of the corporate GDP, 6.7 percent of the production value of Hungarian companies, 4.1 percent of its sales and 1.5 percent of the number of employees.

However, GDP is not only produced by companies, and in terms of economic performance, this office corridor produces every 55th forint in the country.

There are companies here that have multiple locations, not only at the office corridor, so some employees work at other locations, which means that not all companies with Váci Road headquarters have all their activities here.

There are 47,000 employees on the 5-kilometer stretch of the Váci Road office corridor, this is 5.5 percent of the 852,000 employees of Budapest.

The companies on the Váci Road office corridor beat their rivals in efficiency and pay: the average monthly salary of employees in 2018 was 492 thousand HUF.

The office corridor companies of Váci Road grew at a much higher rate than the national average: their price revenue increased by 7.6 percent on average, their export by 8.2 percent and operating profit by 9.7 percent.

 

Source:

G7.hu

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