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Hungary
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Last Updated: Nov 6th, 2006 - 10:50:18 |
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Economy - overview:
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Hungary has made the transition from a centrally planned to a market economy, with a per capita income one-half that of the Big Four European nations. Hungary continues to demonstrate strong economic growth and joined the European Union 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 $23 billion since 1989. Hungarian sovereign debt was upgraded in 2000 to the second-highest rating among all the Central European transition economies. Inflation has declined substantially, from 14% in 1998 to 4.7% in 2003; unemployment has persisted around the 6% level. Germany is by far Hungary's largest economic partner. Short-term issues include the reduction of the public sector deficit and further increasing the flexibility of the labor markets.
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GDP:
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purchasing power parity - $139.8 billion (2004 est.)
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GDP - real growth rate:
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2.9% (2004 est.)
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GDP - per capita:
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purchasing power parity - $13,900 (2004 est.)
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GDP - composition by sector:
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agriculture: 3.3%
industry: 32.5%
services: 64.2% (2004 est.)
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Investment (gross fixed):
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22% of GDP (2004 est.)
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Population below poverty line:
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8.6% (1993 est.)
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Household income or consumption by percentage share:
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lowest 10%: 4.1%
highest 10%: 20.5% (1998)
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Distribution of family income - Gini index:
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24.4 (1998)
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Inflation rate (consumer prices):
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4.7% (2004 est.)
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Labor force:
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4.164 million (2004 est.)
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Labor force - by occupation:
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agriculture 8%, industry 27%, services 65% (1996)
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Unemployment rate:
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5.9% (2004 est.)
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Budget:
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revenues: $35 billion
expenditures: $39.88 billion, including capital expenditures of NA (2004 est.)
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Public debt:
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57% of GDP (2004 est.)
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Agriculture - products:
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wheat, corn, sunflower seed, potatoes, sugar beets; pigs, cattle, poultry, dairy products
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Industries:
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mining, metallurgy, construction materials, processed foods, textiles, chemicals (especially pharmaceuticals), motor vehicles
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Industrial production growth rate:
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6.4% (2004 est.)
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Electricity - production:
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34.39 billion kWh (2001)
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Electricity - consumption:
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35.15 billion kWh (2001)
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Electricity - exports:
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7.261 billion kWh (2001)
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Electricity - imports:
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10.43 billion kWh (2001)
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Oil - production:
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41,190 bbl/day (2001 est.)
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Oil - consumption:
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140,700 bbl/day (2001 est.)
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Oil - exports:
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47,180 bbl/day (2001)
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Oil - imports:
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136,600 bbl/day (2001)
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Oil - proved reserves:
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110.7 million bbl (1 January 2002)
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Natural gas - production:
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3.231 billion cu m (2001 est.)
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Natural gas - consumption:
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13.37 billion cu m (2001 est.)
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Natural gas - exports:
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4 million cu m (2001 est.)
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Natural gas - imports:
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9.587 billion cu m (2001 est.)
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Natural gas - proved reserves:
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50.45 billion cu m (1 January 2002)
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Current account balance:
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$-7.347 billion (2004 est.)
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Exports:
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$42.03 billion f.o.b. (2004 est.)
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Exports - commodities:
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machinery and equipment 57.6%, other manufactures 31.0%, food products 7.5%, raw materials 1.9%, fuels and electricity 1.9% (2001)
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Exports - partners:
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Germany 34.1%, Austria 8%, Italy 5.8%, France 5.7%, UK 4.5%, Netherlands 4.1% (2003)
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Imports:
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$46.19 billion f.o.b. (2003 est.)
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Imports - commodities:
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machinery and equipment 51.6%, other manufactures 35.3%, fuels and electricity 8.2%, food products 2.9%, raw materials 2.0% (2001)
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Imports - partners:
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Germany 24.5%, Italy 7.1%, China 6.9%, Austria 6.3%, Russia 6.2%, France 4.8%, Japan 4.2% (2003)
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Reserves of foreign exchange & gold:
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$12.78 billion (2004 est.)
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Debt - external:
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$42.38 billion (2004 est.)
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Economic aid - recipient:
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ODA $250 million (2000)
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Currency:
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forint (HUF)
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Currency code:
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HUF
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Exchange rates:
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forints per US dollar - 224.307 (2003), 257.887 (2002), 286.49 (2001), 282.179 (2000), 237.146 (1999)
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Fiscal year:
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calendar year
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2006 by Classbrain.com
Keywords: Hungary Economy, Hungary, Economy, country of Hungary, general information, country reports, classbrain, country information, information on Hungary, ClassBrain, economy of Hungary
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