| Introduction - Hungary: |
| Location - Hungary: |
| People - Hungary: |
| Government - Hungary: |
| Economy - Hungary: |
Economy overview | Hungary has made the transition from a centrally planned to a market economy, with a per capita income nearly two-thirds that of the EU-25 average. Hungary continues to demonstrate strong economic growth and acceded to the EU in May 2004. The private sector accounts for over 80% of GDP. Foreign ownership of and investment in Hungarian firms are widespread, with cumulative foreign direct investment totaling more than $60 billion since 1989. Hungary issues investment-grade sovereign debt. International observers, however, have expressed concerns over Hungarys fiscal and current account deficits. Inflation has declined from 14% in 1998 to 3.7% in 2006. Unemployment has persisted above 6%. Hungarys labor force participation rate of 57% is one of the lowest in the Organization for Economic Cooperation and Development (OECD). Germany is by far Hungarys largest economic partner. Policy challenges include cutting the public sector deficit to 3% of GDP by 2008, from about 6.5% in 2006, and tackling a persistent trade deficit. The current government has announced and begun to implement an austerity program designed to address these issues, leading to eventual adoption of the euro. |
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Gdp purchasing power parity | $175.2 billion (2006 est.) |
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Gdp official exchange rate | $113.2 billion (2006 est.) |
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Gdp real growth rate | 3.9% (2006 est.) |
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Gdp per capita ppp | $17,600 (2006 est.) |
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Gdp composition by sector | agriculture: 3.1%
industry: 32.1%
services: 64.8% (2006 est.) |
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Labor force | 4.2 million (2006 est.) |
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Labor force by occupation | agriculture: 5.5%
industry: 33.3%
services: 61.2% (2003) |
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Unemployment rate | 7.4% (2006 est.) |
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Population below poverty line | 8.6% (1993 est.) |
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Household income or consumption by percentage share | lowest 10%: 4.1%
highest 10%: 22.2% (2002) |
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Distribution of family income gini index | 26.9 (2002) |
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Inflation rate consumer prices | 3.7% (2006 est.) |
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Investment gross fixed | 23.4% of GDP (2006 est.) |
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Budget | revenues: $48.73 billion
expenditures: $59.62 billion; including capital expenditures of $NA (2006 est.) |
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Public debt | 68.6% of GDP (2006 est.) |
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Agriculture products | wheat, corn, sunflower seed, potatoes, sugar beets; pigs, cattle, poultry, dairy products |
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Industries | mining, metallurgy, construction materials, processed foods, textiles, chemicals (especially pharmaceuticals), motor vehicles |
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Industrial production growth rate | 9.5% (2006 est.) |
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Electricity production | 31.83 billion kWh (2004) |
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Electricity consumption | 37.1 billion kWh (2004) |
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Electricity exports | 6.3 billion kWh (2004) |
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Electricity imports | 13.8 billion kWh (2004) |
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Oil production | 47,530 bbl/day (2004 est.) |
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Oil consumption | 132,000 bbl/day (2004 est.) |
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Oil exports | 58,380 bbl/day (2004) |
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Oil imports | 150,000 bbl/day (2004) |
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Oil proved reserves | 102.5 million bbl (1 January 2005) |
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Natural gas production | 2.963 billion cu m (2004 est.) |
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Natural gas consumption | 14.46 billion cu m (2004 est.) |
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Natural gas exports | 0 cu m (2004 est.) |
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Natural gas imports | 11.42 billion cu m (2004 est.) |
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Natural gas proved reserves | 34.26 billion cu m (1 January 2005 est.) |
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Current account balance | -$8.392 billion (2006 est.) |
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Exports | $67.99 billion f.o.b. (2006 est.) |
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Exports commodities | machinery and equipment 61.1%, other manufactures 28.7%, food products 6.5%, raw materials 2%, fuels and electricity 1.6% (2003) |
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Exports partners | Germany 29.5%, Italy 5.6%, Austria 5%, France 5%, UK 4.5%, Romania 4.2%, Poland 4% (2006) |
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Imports | $69.75 billion f.o.b. (2006 est.) |
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Imports commodities | machinery and equipment 51.6%, other manufactures 35.7%, fuels and electricity 7.7%, food products 3.1%, raw materials 2.0% (2003) |
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Imports partners | Germany 27.2%, Russia 8.4%, China 7.1%, Austria 6.2%, France 4.7%, Italy 4.5%, Netherlands 4.3%, Poland 4.2% (2006) |
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Reserves of foreign exchange and gold | $21.05 billion (2006 est.) |
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Debt external | $107.3 billion (30 June 2006 est.) |
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Economic aid recipient | $3.4 billion in available EU structural adjustment and cohesion funds (2004-06) |
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Currency code | forint (HUF) |
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Exchange rates | forints per US dollar - 210.39 (2006), 199.58 (2005), 202.75 (2004), 224.31 (2003), 257.89 (2002) |
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| Communications - Hungary: |
| Transportation - Hungary: |
| Military - Hungary: |
This page was last updated on 16 September, 2007
