Hungary economy loses 700 m euros due to fake products

Budapest, December 5 (MTI) – The distribution of fake cosmetics, clothes, shoes, records, alcoholic beverages and medications cause annual losses of an estimated 207 billion forints (691.5m euros) to the Hungarian economy, the European Union Intellectual Property Office (EUIPO) reported on Monday.

EUIPO said that the amount accounted for 12.2 percent of the total revenue of those sectors. Fully 10,800 jobs have been lost due to the competition faced by legitimate businesses.

EUIPO’s report noted that Hungary’s pharmaceuticals sector was most negatively affected by fake products.

Source: MTI