| Economy | Hungary |
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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 totaling more than $60 billion since 1989. The government's IMF-mandated austerity measures, imposed since late 2006, have reduced the budget deficit from over 9% of GDP in 2006 to 3.3% in 2008. Hungary's impending inability to service its short-term debt - brought on by the global credit crunch in late 2008 - led Budapest to seek and receive an IMF-arranged financial assistance package worth over $25 billion. The global financial crisis, declining exports, and low domestic consumption and fixed asset accumulation, dampened by government austerity measures, will result in a negative growth rate of about -1.5% to -2.5% in 2009. |
GDP (purchasing power parity):
|
$205.7 billion (2008 est.)
$208.9 billion (2007)
$193.2 billion (2006)
note: data are in 2008 US dollars |
GDP - per capita (PPP):
|
$19,800 (2008 est.)
$19,700 (2007 est.)
$19,400 (2006 est.)
note: data are in 2008 US dollars |
GDP (official exchange rate):
|
$131.4 billion (2008 est.) |
GDP - real growth rate:
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-1.5% (2008 est.)
1.3% (2007 est.)
3.9% (2006 est.) |
GDP - composition by sector:
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agriculture: 3.2%
industry: 31.9%
services: 65% (2008 est.) |
Investment (gross fixed):
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15.2% of GDP (January - September 2008) |
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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6.1% (2008 est.) |
Central bank discount rate:
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9.5% (1 January 2009) |
Commercial bank prime lending rate:
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9.48% (26 January 2009) |
Stock of money:
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$36.78 billion (31 December 2007) |
Stock of money - per capita:
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3,714 USD per capita |
Stock of quasi money:
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$43.07 billion (31 December 2007) |
Stock of quasi money - per capita:
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4,349 USD per capita |
Stock of domestic credit:
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$109.5 billion (31 December 2007) |
Stock of domestic credit - per capita:
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11,055 USD per capita |
Labor force:
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4.2 million (2008 est.) |
Labor force participation rate:
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42.40 % of population |
Labor force - by occupation:
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agriculture: 5%
industry: 32.4%
services: 62.6% (2005) |
Unemployment rate:
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8% (2008 est.) |
Budget:
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revenues: $76.2 billion
expenditures: $81.5 billion (2008 est.) |
Budget revenues per capita:
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7,693 USD per capita |
Public debt:
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73.8% of GDP (2008 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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0.4% (2008 est.) |
Electricity - production:
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37.66 billion kWh (2007 est.) |
Electricity - production per capita:
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3,802 kWh per capita |
Electricity - consumption:
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37.11 billion kWh (2006 est.) |
Electricity - consumption - per capita:
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3,747 kWh per capita |
Electricity - exports:
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10.69 billion kWh (2007 est.) |
Electricity - imports:
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14.68 billion kWh (2007 est.) |
Oil - production:
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32,580 bbl/day (2007 est.) |
Oil - production per capita:
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3,290 bbl/day per capita |
Oil - consumption:
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162,800 bbl/day (2007 est.) |
Oil - consumption - per capita:
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6.00 bbl/year per capita |
Oil - exports:
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66,660 bbl/day (2005) |
Oil - imports:
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178,400 bbl/day (2005) |
Oil - proved reserves:
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20.18 million bbl (1 January 2008 est.) |
Natural gas - production:
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2.545 billion cu m (2007 est.) |
Natural gas - production per capita:
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257 cu m per capita |
Natural gas - consumption:
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13.36 billion cu m (2007 est.) |
Natural gas - consumption - per capita:
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1,349 cu m per capita |
Natural gas - exports:
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138 million cu m (2007 est.) |
Natural gas - imports:
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10.45 billion cu m (2007 est.) |
Natural gas - proved reserves:
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8.098 billion cu m (1 January 2008 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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-$6.89 billion (2008 est.) |
Current account balance - per capita:
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-695 USD per capita |
Exports:
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$109.3 billion f.o.b. (2008 est.) |
Exports per capita:
|
11,035 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 28.1%, Italy 5.6%, France 4.7%, Austria 4.6%, Romania 4.5%, UK 4.5%, Slovakia 4.2%, Poland 4.2% (2007) |
Imports:
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$107.5 billion f.o.b. (2008 est.) |
Imports per capita:
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10,853 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 26.6%, China 7.8%, Russia 6.9%, Austria 6.1%, Italy 4.5%, France 4.3%, Netherlands 4.3% (2007) |
Reserves of foreign exchange and gold:
|
$30.95 billion (31 December 2008) |
Reserves of foreign exchange and gold - per capita:
|
3,125 USD per capita |
Debt - external:
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$144.2 billion (31 December 2008 est.) |
Debt - external - per capita:
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14,558 USD per capita |
Stock of direct foreign investment - at home:
|
$152.4 billion (2008 est.) |
Stock of direct foreign investment - at home - per capita:
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15,386 USD per capita |
Stock of direct foreign investment - abroad:
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$79.56 billion (2008 est.) |
Stock of direct foreign investment - abroad - per capita:
|
8,032 USD per capita |
Market value of publicly traded shares:
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$21.9 billion (31 December 2008) |
Market value of publicly traded shares - per capita:
|
2,211 USD per capita |
Economic aid - donor:
|
void |
Economic aid - recipient:
|
$302.6 million (2004) |
Economic aid - recipient per capita:
|
31 USD per capita |
Currency (code):
|
forint (HUF) |
Exchange rates:
|
forints (HUF) per US dollar - 171.8 (2008), 183.83 (2007), 210.39 (2006), 199.58 (2005), 202.75 (2004) |
Fiscal year:
|
calendar year |
|
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