| Economy | Hungary |
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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 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):
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$195.9 billion (2011 est.)
$192.5 billion (2010 est.)
$190.1 billion (2009 est.)
note: data are in 2011 US dollars |
GDP - per capita (PPP):
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$19,600 (2011 est.)
$19,200 (2010 est.)
$19,000 (2009 est.)
note: data are in 2011 US dollars |
GDP (official exchange rate):
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$147.9 billion (2011 est.) |
GDP - real growth rate:
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1.8% (2011 est.)
1.2% (2010 est.)
-6.7% (2009 est.) |
GDP - composition by sector:
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agriculture: 2.4%
industry: 37.3%
services: 60.3% (2011 est.) |
Investment (gross fixed):
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19.4% of GDP (2011 est.) |
Population below poverty line:
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13.9% (2010) |
Household income or consumption by percentage share:
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lowest 10%: 3.1%
highest 10%: 22.6% (2009) |
Distribution of family income - Gini index:
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24.7 (2009)
24.4 (1998) |
Inflation rate (consumer prices):
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3.7% (2011 est.)
4.9% (2010 est.) |
Central bank discount rate:
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6.25% (31 December 2011)
5.75% (31 December 2010) |
Commercial bank prime lending rate:
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8.4% (31 December 2011 est.)
7.592% (31 December 2010 est.) |
Stock of money:
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$30.27 billion (31 December 2009)
$32.78 billion (31 December 2008) |
Stock of money - per capita:
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3,035 USD per capita |
Stock of quasi money:
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$40.7 billion (31 December 2009)
$47.49 billion (31 December 2008) |
Stock of quasi money - per capita:
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4,080 USD per capita |
Stock of domestic credit:
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$110.2 billion (31 December 2011 est.)
$104.8 billion (31 December 2010 est.) |
Stock of domestic credit - per capita:
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11,047 USD per capita |
Stock of narrow money:
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$34.11 billion (31 December 2011 est.)
$31.8 billion (31 December 2010 est.) |
Stock of broad money:
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$72.73 billion (31 December 2011 est.)
$68.82 billion (31 December 2010 est.) |
Labor force:
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4.238 million (2011 est.) |
Labor force participation rate:
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42.48 % of population |
Labor force - by occupation:
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agriculture: 4.7%
industry: 30.9%
services: 64.4% (2010) |
Unemployment rate:
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11.1% (2011 est.)
11.2% (2010 est.) |
Unemployment, youth ages 15-24:
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total: 26.5%
male: 28.2%
female: 24.2% (2009) |
Budget:
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revenues: $73.74 billion
expenditures: $78.08 billion (2011 est.) |
Budget revenues per capita:
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7,392 USD per capita |
Taxes and other revenues:
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49.9% of GDP (2011 est.) |
Budget surplus (+) or deficit (-):
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-2.9% of GDP
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.) |
Public debt:
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76% of GDP (2011 est.)
81.3% of GDP (2010 est.)
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. |
Industries:
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mining, metallurgy, construction materials, processed foods, textiles, chemicals (especially pharmaceuticals), motor vehicles |
Industrial production growth rate:
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5.3% (2011 est.) |
Electricity - production:
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37.55 billion kWh (2010 est.) |
Electricity - production per capita:
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3,765 kWh per capita |
Electricity - consumption:
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42.7 billion kWh (2010 est.) |
Electricity - consumption - per capita:
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4,281 kWh per capita |
Electricity - exports:
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4.703 billion kWh (2010 est.) |
Electricity - imports:
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9.879 billion kWh (2010 est.) |
Oil - production:
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34,480 bbl/day (2010 est.) |
Oil - production per capita:
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3,457 bbl/day per capita |
Oil - consumption:
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146,600 bbl/day (2010 est.) |
Oil - consumption - per capita:
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5.36 bbl/year per capita |
Oil - exports:
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69,820 bbl/day (2009 est.) |
Oil - imports:
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171,600 bbl/day (2010 est.) |
Oil - proved reserves:
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26.57 million bbl (1 January 2011 est.) |
Natural gas - production:
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2.494 billion cu m (2010 est.) |
Natural gas - production per capita:
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250 cu m per capita |
Natural gas - consumption:
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12.05 billion cu m (2010 est.) |
Natural gas - consumption - per capita:
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1,208 cu m per capita |
Natural gas - exports:
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227 million cu m (2010 est.) |
Natural gas - imports:
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9.636 billion cu m (2010 est.) |
Natural gas - proved reserves:
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8.098 billion cu m (1 January 2011 est.) |
Agriculture - products:
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wheat, corn, sunflower seed, potatoes, sugar beets; pigs, cattle, poultry, dairy products |
Current account balance:
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$1.876 billion (2011 est.)
$3.049 billion (2010 est.) |
Current account balance - per capita:
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189 USD per capita |
Exports:
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$115.6 billion (2011 est.)
$93.29 billion (2010 est.) |
Exports per capita:
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11,588 USD per capita |
Exports - commodities:
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machinery and equipment 61.1%, other manufactures 28.7%, food products 6.5%, raw materials 2%, fuels and electricity 1.6% (2009 est.) |
Exports - partners:
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Germany 25.5%, Italy 5.5%, UK 5.4%, Romania 5.3%, Slovakia 5.1%, France 4.9%, Austria 4.7% (2010 est.) |
Imports:
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$107.8 billion (2011 est.)
$87.08 billion (2010 est.) |
Imports per capita:
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10,806 USD per capita |
Imports - commodities:
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machinery and equipment 50%, fuels and electricity 11%, food products, raw materials |
Imports - partners:
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Germany 26.1%, Russia 7.7%, China 6.8%, Austria 5.9%, Netherlands 4.4%, Poland 4.3%, Italy 4.2% (2010 est.) |
Reserves of foreign exchange and gold:
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$52.89 billion (31 December 2011 est.)
$44.99 billion (31 December 2010 est.) |
Reserves of foreign exchange and gold - per capita:
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5,302 USD per capita |
Debt - external:
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$185 billion (31 December 2011 est.)
$179 billion (31 December 2010 est.) |
Debt - external - per capita:
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18,545 USD per capita |
Stock of direct foreign investment - at home:
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$73.93 billion (31 December 2011 est.)
$71.47 billion (31 December 2010 est.) |
Stock of direct foreign investment - at home - per capita:
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7,411 USD per capita |
Stock of direct foreign investment - abroad:
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$24.04 billion (31 December 2011 est.)
$22.17 billion (31 December 2010 est.) |
Stock of direct foreign investment - abroad - per capita:
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2,410 USD per capita |
Market value of publicly traded shares:
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$27.71 billion (31 December 2010)
$28.29 billion (31 December 2009)
$18.58 billion (31 December 2008) |
Market value of publicly traded shares - per capita:
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2,778 USD per capita |
Currency (code):
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forint (HUF) |
Exchange rates:
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forints (HUF) per US dollar -
195.9 (2011 est.)
207.94 (2010 est.)
202.34 (2009)
171.8 (2008)
183.83 (2007) |
Fiscal year:
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calendar year |
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