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. The private sector accounts for more than 80% of GDP. Foreign ownership of and investment in Hungarian firms are widespread, with cumulative foreign direct investment worth more than $70 billion. The government's austerity measures, imposed since late 2006, reduced the budget deficit from over 9% of GDP in 2006 to 4.2% in 2010 and 2.9% in 2011. Hungary's impending inability to service its short-term debt - brought on by the global financial crisis in late 2008 - led Budapest to obtain an IMF/EU/World Bank-arranged financial assistance package worth over $25 billion. The global economic downturn, declining exports, and low domestic consumption and fixed asset accumulation, dampened by government austerity measures, resulted in an economic contraction of 6.3% in 2009. In 2010 the new government implemented a number of changes including cutting business and personal income taxes, but imposed "crisis taxes" on financial institutions, energy and telecom companies, and retailers. The economy began to recover in 2010 with a big boost from exports, especially to Germany, and achieved growth of approximately 1.8% in 2011. Unemployment remained high, at more than 11% in 2011. Ongoing economic weakness in Western Europe is likely to further constrain growth in 2012.
GDP (purchasing power parity): GDP (official exchange rate): GDP - real growth rate: GDP - per capita (PPP): GDP - composition by sector: Labor force: Labor force - by occupation: Unemployment rate: Population below poverty line: Household income or consumption by percentage share: Distribution of family income - Gini index: Investment (gross fixed): Budget: Taxes and other revenues: Budget surplus (+) or deficit (-): Public debt: Inflation rate (consumer prices): Central bank discount rate: Commercial bank prime lending rate: Stock of narrow money: Stock of broad money: Stock of domestic credit: Market value of publicly traded shares: Agriculture - products: Industries: Industrial production growth rate: Electricity - production: Electricity - consumption: Electricity - exports: Electricity - imports: Oil - production: Oil - consumption: Oil - exports: Oil - imports: Natural gas - production: Natural gas - consumption: Natural gas - exports: Natural gas - imports: Natural gas - proved reserves: Current account balance: Exports: Exports - commodities: Exports - partners: Imports: Imports - commodities: Imports - partners: Reserves of foreign exchange and gold: Debt - external: Stock of direct foreign investment - at home: Stock of direct foreign investment - abroad: Exchange rates:
NOTE: 1) The information regarding Hungary on this page is re-published from the 2012 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Hungary Economy 2012 information contained here. All suggestions for corrections of any errors about Hungary Economy 2012 should be addressed to the CIA.
$195.9 billion (2011 est.)
country comparison to the world: 55
note: data are in 2011 US dollars
[see also: GDP country ranks ]
$147.9 billion (2011 est.)
[see also: GDP (official exchange rate) country ranks ]
1.8% (2011 est.)
country comparison to the world: 158
[see also: GDP - real growth rate country ranks ]
$19,600 (2011 est.)
country comparison to the world: 64
note: data are in 2011 US dollars
[see also: GDP - per capita country ranks ]
agriculture: 2.4%
[see also: GDP - composition by sector - agriculture country ranks ]
industry: 37.3%
[see also: GDP - composition by sector - industry country ranks ]
services: 60.3% (2011 est.)
[see also: GDP - composition by sector - services country ranks ]
4.238 million (2011 est.)
country comparison to the world: 87
[see also: Labor force country ranks ]
agriculture: 4.7%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 30.9%
[see also: Labor force - by occupation - industry country ranks ]
services: 64.4% (2010)
[see also: Labor force - by occupation - services country ranks ]
11.1% (2011 est.)
country comparison to the world: 121
[see also: Unemployment rate country ranks ]
13.9% (2010)
[see also: Population below poverty line country ranks ]
lowest 10%: 3.1%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 22.6% (2009)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]
24.7 (2009)
country comparison to the world: 138
[see also: Distribution of family income - Gini index country ranks ]
19.4% of GDP (2011 est.)
country comparison to the world: 127
[see also: Investment (gross fixed) country ranks ]
revenues: $73.74 billion
[see also: Budget revenues country ranks ]
expenditures: $78.08 billion (2011 est.)
[see also: Budget expenditures country ranks ]
49.9% of GDP (2011 est.)
country comparison to the world: 16
[see also: Taxes and other revenues country ranks ]
-2.9% of GDP
country comparison to the world: 101
note: in 2011, the Government decided to redirect funds from the country's obligatory private pension scheme into state coffers in order to pay off government debt, effectively renationalizing the private pension system; the 2.9% deficit shown here does not include this change; including this change would result in a budget surplus of 3.6%; using funds in this manner allowed Hungary to achieve a reduction in public debt of more than 5 percentage points (2011 est.)
[see also: Budget surplus (+) or deficit (-) country ranks ]
76% of GDP (2011 est.)
country comparison to the world: 26
note: general government gross debt is defined in the Maastricht Treaty as consolidated general government gross debt at nominal value, outstanding at the end of the year in the following categories of government liabilities: currency and deposits, securities other than shares excluding financial derivatives, and government, state government, local government, and social security funds.
[see also: Public debt country ranks ]
3.7% (2011 est.)
country comparison to the world: 81
[see also: Inflation rate (consumer prices) country ranks ]
6.25% (31 December 2011)
country comparison to the world: 67
[see also: Central bank discount rate country ranks ]
8.4% (31 December 2011 est.)
country comparison to the world: 130
[see also: Commercial bank prime lending rate country ranks ]
$34.11 billion (31 December 2011 est.)
country comparison to the world: 55
[see also: Stock of narrow money country ranks ]
$72.73 billion (31 December 2011 est.)
country comparison to the world: 61
[see also: Stock of broad money country ranks ]
$110.2 billion (31 December 2011 est.)
country comparison to the world: 49
[see also: Stock of domestic credit country ranks ]
$27.71 billion (31 December 2010)
country comparison to the world: 58
[see also: Market value of publicly traded shares country ranks ]
wheat, corn, sunflower seed, potatoes, sugar beets; pigs, cattle, poultry, dairy products
mining, metallurgy, construction materials, processed foods, textiles, chemicals (especially pharmaceuticals), motor vehicles
5.3% (2011 est.)
country comparison to the world: 62
[see also: Industrial production growth rate country ranks ]
37.55 billion kWh (2010 est.)
country comparison to the world: 58
[see also: Electricity - production country ranks ]
42.7 billion kWh (2010 est.)
country comparison to the world: 49
[see also: Electricity - consumption country ranks ]
4.703 billion kWh (2010 est.)
[see also: Electricity - exports country ranks ]
9.879 billion kWh (2010 est.)
[see also: Electricity - imports country ranks ]
34,480 bbl/day (2010 est.)
country comparison to the world: 66
[see also: Oil - production country ranks ]
146,600 bbl/day (2010 est.)
country comparison to the world: 68
[see also: Oil - consumption country ranks ]
69,820 bbl/day (2009 est.)
country comparison to the world: 74
[see also: Oil - exports country ranks ]
171,600 bbl/day (2010 est.)
country comparison to the world: 57
[see also: Oil - imports country ranks ]
2.494 billion cu m (2010 est.)
country comparison to the world: 55
[see also: Natural gas - production country ranks ]
12.05 billion cu m (2010 est.)
country comparison to the world: 44
[see also: Natural gas - consumption country ranks ]
227 million cu m (2010 est.)
country comparison to the world: 42
[see also: Natural gas - exports country ranks ]
9.636 billion cu m (2010 est.)
country comparison to the world: 26
[see also: Natural gas - imports country ranks ]
8.098 billion cu m (1 January 2011 est.)
country comparison to the world: 82
[see also: Natural gas - proved reserves country ranks ]
$1.876 billion (2011 est.)
country comparison to the world: 42
[see also: Current account balance country ranks ]
$115.6 billion (2011 est.)
country comparison to the world: 36
[see also: Exports country ranks ]
machinery and equipment 61.1%, other manufactures 28.7%, food products 6.5%, raw materials 2%, fuels and electricity 1.6% (2009 est.)
Germany 25.5%, Italy 5.5%, UK 5.4%, Romania 5.3%, Slovakia 5.1%, France 4.9%, Austria 4.7% (2010 est.)
$107.8 billion (2011 est.)
country comparison to the world: 32
[see also: Imports country ranks ]
machinery and equipment 50%, fuels and electricity 11%, food products, raw materials
Germany 26.1%, Russia 7.7%, China 6.8%, Austria 5.9%, Netherlands 4.4%, Poland 4.3%, Italy 4.2% (2010 est.)
$52.89 billion (31 December 2011 est.)
country comparison to the world: 35
[see also: Reserves of foreign exchange and gold country ranks ]
$185 billion (31 December 2011 est.)
country comparison to the world: 32
[see also: Debt - external country ranks ]
$73.93 billion (31 December 2011 est.)
country comparison to the world: 47
[see also: Stock of direct foreign investment - at home country ranks ]
$24.04 billion (31 December 2011 est.)
country comparison to the world: 41
[see also: Stock of direct foreign investment - abroad country ranks ]
forints (HUF) per US dollar -
2) The rank that you see is the CIA reported rank, which may habe the following issues:
a) They assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order
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This page was last modified 07-Mar-12