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The Minister for National Economy, Márton Nagy, welcomed the top executives of 13 domestic companies to his office. These companies are among the fastest-growing in Europe, as per the eighth annual ranking of the Financial Times, announced by the Ministry of National Economy (NGM).
According to the ministry’s statement, the Financial Times ranks European companies based on their percentage growth in turnover between 2019 and 2022. It lists the top 1,000 companies, requiring an annual growth of at least 36.9 percent to qualify. Only stand-alone companies with a turnover of at least EUR 100K in 2019, and EUR 1.5M in 2022, and whose turnover growth was internally driven, are included.
The NGM highlighted the significant achievement of three Hungarian companies making it into the top 100 fastest-growing companies in the ranking.
Taxually Ltd, a tech start-up with over 10,000 customers in 40 countries, led the way with a growth of 318.6 percent, reaching a revenue exceeding EUR 10.6M in 2022, ranking 11th on the list. Continest Technologies Plc., specializing in innovative, sustainable containers, ranked 18th with a 282.8 percent increase in turnover. United Shipping Hungária Ltd., a logistics and container forwarding services provider, secured the 65th spot with a 191.4 percent increase.
Márton Nagy commended the representatives of these companies for their achievements, encouraging them to sustain their work and expand internationally.
He emphasized the need for more innovative companies in Hungary, echoing the government’s strategy to boost investments and promote exportable SMEs (small and mid enterprises).
In line with this vision, the Ministry for National Economy formulated a new competitiveness strategy focusing on six priority sectors: automotive, food, health, chemicals, steel and plastics, information and communication technologies, and creative industries. Mr. Nagy underlined that this strategy was developed in consultation with nearly 1300 market players, highlighting the importance of precise measures for economic growth and competitiveness.
Building on the successful fight against inflation last year, the government aims to reignite economic growth in 2024, with GDP expected to grow by 2.5 percent, further accelerating to 4.1 percent in 2025.