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Hungary:
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Other pages in this profile of Hungary:
Geography, People, Government, Communications & Transportation, Military & Transnational Issues.
Geography, People, Government, Communications & Transportation, Military & Transnational Issues.
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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 Hungary's fiscal and current account deficits. Inflation has declined from 14% in 1998 to 3.7% in 2006. Unemployment has persisted above 6%. Hungary's labor force participation rate of 57% is one of the lowest in the Organization for Economic Cooperation and Development (OECD). Germany is by far Hungary's 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. |
GDP (purchasing power parity) |
$175 billion (2006 est.) |
GDP (official exchange rate) |
$113.2 billion (2006 est.) |
GDP - real growth rate |
3.9% (2006 est.) |
GDP - per capita |
$17,500 (2006 est.) |
GDP - composition by sector |
agriculture: 3.4% industry: 31.5% services: 65.1% (2006 est.) |
Labor force |
4.21 million (2006 est.) |
Labor force - by occupation |
agriculture: 5.5% industry: 33.3% services: 61.2% (2003) |
Unemployment rate |
7.4% (2006 est.) |
Population below poverty line |
8.6% (1993 est.) |
Household income or consumption by percentage share |
lowest 10%: 4% highest 10%: 22.2% (2002) |
Distribution of family income - Gini index |
26.9 (2002) |
Inflation rate (consumer prices) |
4.1% (2006 est.) |
Investment (gross fixed) |
21.8% of GDP (2006 est.) |
Budget |
revenues: $50.51 billion expenditures: $60.71 billion (2006 est.) |
Public debt |
64.9% of GDP (2006 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 |
Electricity - production |
33.69 billion kWh (2005) |
Electricity - consumption |
35.98 billion kWh (2005) |
Electricity - exports |
9.41 billion kWh (2005) |
Electricity - imports |
15.64 billion kWh (2005) |
Oil - production |
47,530 bbl/day (2004 est.) |
Oil - consumption |
132,000 bbl/day (2004 est.) |
Oil - exports |
58,380 bbl/day (2004) |
Oil - imports |
150,000 bbl/day (2004) |
Oil - proved reserves |
102.5 million bbl (1 January 2006) |
Natural Gas - production |
2.904 billion cu m (2005 est.) |
Natural Gas - consumption |
14.37 billion cu m (2005 est.) |
Natural Gas - exports |
0 cu m (2005 est.) |
Natural Gas - imports |
11.51 billion cu m (2005) |
Natural Gas - proved reserves |
32.86 billion cu m (1 January 2006 est.) |
Current account balance |
$-6.211 billion (2006 est.) |
Exports |
$73.51 billion f.o.b. (2006 est.) |
Exports - commodities |
machinery and equipment 61.1%, other manufactures 28.7%, food products 6.5%, raw materials 2%, fuels and electricity 1.6% (2003) |
Exports - partners |
Germany 29.5%, Italy 5.6%, France 5%, Austria 5%, UK 4.5%, Romania 4.2%, Poland 4.1% (2006) |
Imports |
$74.02 billion f.o.b. (2006 est.) |
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) |
Imports - partners |
Germany 27.1%, Russia 8.2%, China 6.9%, Austria 6.2%, France 4.7%, Italy 4.6%, Netherlands 4.3%, Poland 4.3% (2006) |
Reserves of foreign exchange and gold |
$21.59 billion (2006 est.) |
Debt - external |
$82.02 billion (2006 est.) |
Economic aid - recipient |
$302.6 million in available EU structural adjustment and cohesion funds (2004) |
Currency (code) |
forint (HUF) |
Exchange rates |
forints per US dollar - 210.39 (2006), 199.58 (2005), 202.75 (2004), 224.31 (2003), 257.89 (2002) |
Fiscal year |
calendar year |
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