| 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 |
