| People | 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 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. In 2007, Hungary eliminated a trade deficit that had persisted for several years. Inflation declined from 14% in 1998 to a low of 3.7% in 2006, but jumped to 7.8% in 2007. 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 4% of GDP by 2008, from about 6% in 2007. The government's austerity program of tax hikes and subsidy cuts has reduced Hungary's large budget deficit, but the reforms have dampened domestic consumption, slowing GDP growth to less than 2% in 2007. The government will need to pass additional reforms to ensure the long-term stability of public finances. The government plans to eventually lower its public sector deficit to below 3% of GDP to adopt the euro. |
GDP (purchasing power parity):
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$194.2 billion (2007 est.) |
GDP (official exchange rate):
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$136.4 billion (2007 est.) |
GDP - real growth rate:
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2.1% (2007 est.) |
GDP - per capita (PPP):
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$19,500 (2007 est.) |
GDP - composition by sector:
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agriculture: 3.3%
industry: 32.4%
services: 64.2% (2007 est.) |
Investment (gross fixed):
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21.9% of GDP (2007 est.) |
Population below poverty line:
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8.6% (1993 est.) |
Household income or consumption by percentage share:
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lowest 10%: 4%
highest 10%: 22.2% (2002) |
Distribution of family income - Gini index:
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28 (2005) |
Inflation rate (consumer prices):
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7.8% (2007 est.) |
Labor force:
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4.19 million (2007 est.) |
Labor force participation rate:
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42.19 % of population |
Labor force - by occupation:
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agriculture: 5.5%
industry: 33.3%
services: 61.2% (2003) |
Unemployment rate:
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7.1% (2007 est.) |
Budget:
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revenues: $62.25 billion
expenditures: $69.98 billion (2007 est.) |
Budget revenues per capita:
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6,269 USD per capita |
Public debt:
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70.2% of GDP (2007 est.) |
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% (2007 est.) |
Electricity - production:
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33.69 billion kWh (2005) |
Electricity - production per capita:
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3,393 kWh per capita |
Electricity - consumption:
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35.98 billion kWh (2005) |
Electricity - consumption - per capita:
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3,624 kWh per capita |
Electricity - exports:
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9.41 billion kWh (2005) |
Electricity - imports:
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15.64 billion kWh (2005) |
Oil - production:
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42,180 bbl/day (2005 est.) |
Oil - production per capita:
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4,248 bbl/day per capita |
Oil - consumption:
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152,200 bbl/day (2005 est.) |
Oil - consumption - per capita:
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5.59 bbl/year per capita |
Oil - exports:
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58,380 bbl/day (2004) |
Oil - imports:
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150,000 bbl/day (2004) |
Oil - proved reserves:
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102.5 million bbl (1 January 2006 est.) |
Natural gas - production:
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2.904 billion cu m (2005 est.) |
Natural gas - production per capita:
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293 cu m per capita |
Natural gas - consumption:
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14.37 billion cu m (2005 est.) |
Natural gas - consumption - per capita:
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1,447 cu m per capita |
Natural gas - exports:
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0 cu m (2005 est.) |
Natural gas - imports:
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11.51 billion cu m (2005) |
Natural gas - proved reserves:
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32.86 billion cu m (1 January 2006 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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-$6.681 billion (2007 est.) |
Current account balance - per capita:
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-672 USD per capita |
Exports:
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$85.73 billion f.o.b. (2007 est.) |
Exports per capita:
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8,633 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% (2003) |
Exports - partners:
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Germany 29.5%, Italy 5.6%, France 5%, Austria 5%, UK 4.5%, Romania 4.2%, Poland 4.1% (2006) |
Imports:
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$85.99 billion f.o.b. (2007 est.) |
Imports per capita:
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8,659 USD per capita |
Imports - commodities:
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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:
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Germany 27.1%, Russia 8.2%, China 6.9%, Austria 6.2%, France 4.7%, Italy 4.6%, Netherlands 4.3%, Poland 4.3% (2006) |
Reserves of foreign exchange and gold:
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$24.25 billion (31 December 2007 est.) |
Reserves of foreign exchange and gold - per capita:
|
2,442 USD per capita |
Debt - external:
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$142.9 billion (30 June 2007) |
Debt - external - per capita:
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14,390 USD per capita |
Stock of direct foreign investment - at home:
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$96.61 billion (2006 est.) |
Stock of direct foreign investment - abroad:
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$36.24 billion (2006 est.) |
Market value of publicly traded shares:
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$41.93 billion (2006) |
Economic aid - donor:
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void |
Economic aid - recipient:
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$302.6 million (2004) |
Economic aid - recipient per capita:
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31 USD per capita |
Currency (code):
|
forint (HUF) |
Exchange rates:
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forints per US dollar - 186.16 (2007), 210.39 (2006), 199.58 (2005), 202.75 (2004), 224.31 (2003) |
Fiscal year:
|
calendar year |
|
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