Economy Of Hungary
|
Economy overview
|
Hungary has made the transition from a centrally planned to a market economy, with a per capita income one-half that of the Big Four European nations. Hungary continues to demonstrate strong economic growth and joined the European Union 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 $23 billion since 1989. Hungarian sovereign debt was upgraded in 2000 to the second-highest rating among all the Central European transition economies. Inflation has declined substantially, from 14% in 1998 to 4.7% in 2003; unemployment has persisted around the 6% level. Germany is by far Hungary's largest economic partner. Short-term issues include the reduction of the public sector deficit and further increasing the flexibility of the labor markets.
|
|
GDP
|
purchasing power parity - $139.8 billion (2004 est.)
|
|
GDP - real growth rate
|
2.9% (2004 est.)
|
|
GDP - per capita
|
purchasing power parity - $13,900 (2004 est.)
|
|
GDP - composition by sector
|
agriculture: 3.3%
industry: 32.5%
services: 64.2% (2004 est.)
|
|
Investment gross fixed
|
22% of GDP (2004 est.)
|
|
Population below poverty line
|
8.6% (1993 est.)
|
|
Household income or consumption by percentage share
|
lowest 10%: 4.1%
highest 10%: 20.5% (1998)
|
|
Distribution of family income - Gini index
|
24.4 (1998)
|
|
Inflation rate consumer prices
|
4.7% (2004 est.)
|
|
Labor force
|
4.164 million (2004 est.)
|
|
Labor force by occupation
|
agriculture 8%, industry 27%, services 65% (1996)
|
|
Unemployment rate
|
5.9% (2004 est.)
|
|
Budget
|
revenues: $35 billion
expenditures: $39.88 billion, including capital expenditures of NA (2004 est.)
|
|
Public debt
|
57% of GDP (2004 est.)
|
|
Agriculture products
|
wheat, corn, sunflower seed, potatoes, sugar beets; pigs, cattle, poultry, dairy products
|
|
Industries
|
mining, metallurgy, construction materials, processed foods, textiles, chemicals (especially pharmaceuticals), motor vehicles
|
|
Industrial production growth rate
|
6.4% (2004 est.)
|
|
Electricity production
|
34.39 billion kWh (2001)
|
|
Electricity production by source
|
fossil fuel: 60.1%
hydro: 0.5%
other: 0.3% (2001)
nuclear: 39%
|
|
Electricity consumption
|
35.15 billion kWh (2001)
|
|
Electricity exports
|
7.261 billion kWh (2001)
|
|
Electricity imports
|
10.43 billion kWh (2001)
|
|
Oil production
|
41,190 bbl/day (2001 est.)
|
|
Oil consumption
|
140,700 bbl/day (2001 est.)
|
|
Oil exports
|
47,180 bbl/day (2001)
|
|
Oil imports
|
136,600 bbl/day (2001)
|
|
Oil proved reserves
|
110.7 million bbl (1 January 2002)
|
|
Natural gas production
|
3.231 billion cu m (2001 est.)
|
|
Natural gas consumption
|
13.37 billion cu m (2001 est.)
|
|
Natural gas exports
|
4 million cu m (2001 est.)
|
|
Natural gas imports
|
9.587 billion cu m (2001 est.)
|
|
Natural gas proved reserves
|
50.45 billion cu m (1 January 2002)
|
|
Current account balance
|
$-7.347 billion (2004 est.)
|
|
Exports
|
$42.03 billion f.o.b. (2004 est.)
|
|
Exports commodities
|
machinery and equipment 57.6%, other manufactures 31.0%, food products 7.5%, raw materials 1.9%, fuels and electricity 1.9% (2001)
|
|
Exports partners
|
Germany 34.1%, Austria 8%, Italy 5.8%, France 5.7%, UK 4.5%, Netherlands 4.1% (2003)
|
|
Imports
|
$46.19 billion f.o.b. (2003 est.)
|
|
Imports commodities
|
machinery and equipment 51.6%, other manufactures 35.3%, fuels and electricity 8.2%, food products 2.9%, raw materials 2.0% (2001)
|
|
Imports partners
|
Germany 24.5%, Italy 7.1%, China 6.9%, Austria 6.3%, Russia 6.2%, France 4.8%, Japan 4.2% (2003)
|
|
Reserves of foreign exchange gold
|
$12.78 billion (2004 est.)
|
|
Debt external
|
$42.38 billion (2004 est.)
|
|
Economic aid recipient
|
ODA $250 million (2000)
|
|
Currency
|
forint (HUF)
|
|
Currency code
|
HUF
|
|
Exchange rates
|
forints per US dollar - 224.307 (2003), 257.887 (2002), 286.49 (2001), 282.179 (2000), 237.146 (1999)
|
|
Fiscal year
|
calendar year
|
Applied Language Solutions offer English to Hungarian Translation .
This information was reproduced in part from the CIA World Fact book.
Flags
If you would like to use this flag of Hungary or any other on your website you are welcome to do so, all we ask is that you include a link back to our site on the same page. Please click here for information.
Map
If you would like to use this map of Hungary or any other on your website you are welcome to do so, all we ask is that you include a link back to our site on the same page. Please click here for information.
Country Information
If you would like to use this information for Hungary or any other on your website you are welcome to do so, all we ask is that you include a link back to our site on the same page. Please click here for information.