Huawei’s economic influence in Hungary growing – study

The influence of Huawei Technologies on Hungary’s economy has grown over the past five years, with one-seventh of its European spending taking place in Hungary last year, according to a study by Oxford Economics.

Huawei contributed 600.5 million euros to Hungary’s GDP last year through its European activities, according to the analysis cited by Huawei Technologies Hungary. Its contribution has grown steadily, averaging 5.5 percent each year between 2015 and 2019.

Last year Huawei contracted goods worth 1.18 billion euros from its Hungarian suppliers, accounting for 14.1 percent of the company’s European purchases, which have grown markedly — by an annual 4.8 percent since 2015.

Huawei’s activities supported the employment of 21,500 Hungarian employees last year,

up from 18,900 in 2015, an average annual increase of 3.3 percent.

State revenues have grown accordingly:

Huawei generated revenues of 246.4 million euros last year, up 5.7 percent from 2015.

The company has boosted its ICT investments in Hungary in recent years and has contracts with more than 600 Hungarian partners involved in developments such as the country’s 5G network. Hungary is also home to Huawei’s largest supply centre outside of China.

As we wrote on October, Huawei is setting up a research and development centre in Budapest, details HERE.

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Source: MTI