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World > Europe > Hungary > Economy (Facts)

Hungary - Economy (Facts)
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 - real growth rate: 3.9% (2006 est.)
GDP (purchasing power parity): $175.2 billion (2006 est.)
GDP (official exchange rate): $113.2 billion (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.)
Population below poverty line: 8.6% (1993 est.)
Household income or consumption by percentage share: lowest 10%: 4.1%
highest 10%: 22.2% (2002)
Inflation rate (consumer prices): 3.7% (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.)
Budget: revenues: $48.73 billion
expenditures: $59.62 billion; including capital expenditures of NA (2006 est.)
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 - exports: 0 cu m (2004 est.)
Natural gas - imports: 11.42 billion cu m (2004 est.)
Agriculture - products: wheat, corn, sunflower seed, potatoes, sugar beets; pigs, cattle, poultry, dairy products
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)
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: Hungarian Forint (HUF)

Current Hungarian Forint Exchange Rates
Historical Hungarian Forint Exchange Rates
Chart Hungarian Forint Exchange Rates
Currency code: 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


Facts at a Glance: Geography - People - Government - Economy - Communications - Transportation - Military - Climate - Current Time - Ranking Positions - Hungarian Forint Exchange Rates
Notes and Commentary: People - Economy - Government and Political Conditions - Foreign Relations - Relations with U.S.



Facts at a Glance
Geography
People
Government
Economy
Communications
Transportation
Military
Climate
Current Time
Ranking Positions
Hungarian Forint Exchange Rates


Notes and Commentary
People
Economy
Government and Political Conditions
Foreign Relations
Relations with U.S.





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