Budapest is traditionally Hungary's industrial center, with large factories in Pest producing pharmaceutical products, textiles, transportation and electrical equipment, and farm machinery. Publishing and food processing also have been significant industries in the city. Budapest's economy changed almost beyond recognition after its conversion in the 1990s to a market-based system. Large state-owned businesses went bankrupt overnight, and multinational companies quickly moved in. However, foreign companies chose to invest in new projects on previously undeveloped sites in and outside the city, so many large factories in Pest and southern Buda remain vacant. Still, Budapest is fast becoming a regional financial center, with state-of-the-art banks and investment services. The Budapest Stock Exchange has been among the most lucrative for investors in Eastern Europe. The city also has benefited from tourism, which has risen steadily since the early 1980s.
Shopping malls, most equipped with six to ten motion picture cinemas, have proliferated in and around Budapest in the 1990s. The trend toward suburban shopping centers, likely to continue, has hurt the traditional commercial network of central Budapest.
Microsoft® Encarta® Online Encyclopedia 2001
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