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
If you would like to support the work of the Daily News Hungary staff and independent journalism,
please make a donation here
please make a donation here
Hot news
What happened today in Hungary? – 19 April, 2024
British American Tobacco is expanding production in Hungary
Budapest mayoral candidate Vitézy promises thousands of units of affordable housing
Habits regarding tipping in Hungary may shock you
PM Orbán’s chilling warning: NATO is sliding into the war
VSquare: PM Orbán’s only son, Captain Gáspár, may be creating new Hungarian super secret service