Hungary

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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.

Gdp purchasing power parity

$175.2 billion (2006 est.)

Gdp official exchange rate

$113.2 billion (2006 est.)

Gdp real growth rate

3.9% (2006 est.)

Gdp per capita ppp

$17,600 (2006 est.)

Gdp composition by sector

agriculture: 3.1%
industry: 32.1%
services: 64.8% (2006 est.)

Labor force

4.2 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%: 4.1%
highest 10%: 22.2% (2002)

Distribution of family income gini index

26.9 (2002)

Inflation rate consumer prices

3.7% (2006 est.)

Investment gross fixed

23.4% of GDP (2006 est.)

Budget

revenues: $48.73 billion
expenditures: $59.62 billion; including capital expenditures of $NA (2006 est.)

Public debt

68.6% 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

Industrial production growth rate

9.5% (2006 est.)

Electricity production

31.83 billion kWh (2004)

Electricity consumption

37.1 billion kWh (2004)

Electricity exports

6.3 billion kWh (2004)

Electricity imports

13.8 billion kWh (2004)

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 2005)

Natural gas production

2.963 billion cu m (2004 est.)

Natural gas consumption

14.46 billion cu m (2004 est.)

Natural gas exports

0 cu m (2004 est.)

Natural gas imports

11.42 billion cu m (2004 est.)

Natural gas proved reserves

34.26 billion cu m (1 January 2005 est.)

Current account balance

-$8.392 billion (2006 est.)

Exports

$67.99 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%, Austria 5%, France 5%, UK 4.5%, Romania 4.2%, Poland 4% (2006)

Imports

$69.75 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 27.2%, Russia 8.4%, China 7.1%, Austria 6.2%, France 4.7%, Italy 4.5%, Netherlands 4.3%, Poland 4.2% (2006)

Reserves of foreign exchange and gold

$21.05 billion (2006 est.)

Debt external

$107.3 billion (30 June 2006 est.)

Economic aid recipient

$3.4 billion in available EU structural adjustment and cohesion funds (2004-06)

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)

Communications - Hungary:
Transportation - Hungary:
Military - Hungary:
This page was last updated on 16 September, 2007
Source: CIA >>>


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