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Hungary Economy
Hungary Economy: A summary of information about Hungary Economy, from government research data as well as independent research and other sources.
Hungary: Economy
Economy - overview
Hungary continues to demonstrate strong economic growth and to work toward accession to the European Union. Over 85% of the economy has been privatized. Foreign ownership of and investment in Hungarian firms has been widespread with cumulative foreign direct investment $21 billion by 1999. Hungarian sovereign debt is now rated investment grade. GDP growth of 4% in 1999 will likely be matched or even exceeded in 2000. Inflation, while diminished, is still high at 10%. Economic reform measures include regional development, encouragement of small- and medium-size enterprises, and support of housing.
GDP
purchasing power parity - $79.4 billion (1999 est.)
GDP - real growth rate
4% (1999 est.)
GDP - per capita
purchasing power parity - $7,800 (1999 est.)
GDP - composition by sector
agriculture: 5% industry: 30% services: 65% (1999 est.)
Population below poverty line
25.3% (1993 est.)
Household income or consumption by percentage share
lowest 10%: 4.1% highest 10%: 24% (1993)
Inflation rate (consumer prices)
10% (1999 est.)
Labor force
4.2 million (1997)
Labor force - by occupation
services 65%, industry 27%, agriculture 8% (1996)
Unemployment rate
10% (1999 est.)
Budget
revenues: $13.5 billion expenditures: $15.1 billion, including capital expenditures of $NA (1999 est.)
Industries
mining, metallurgy, construction materials, processed foods, textiles, chemicals (especially pharmaceuticals), motor vehicles
Industrial production growth rate
6% (1999 est.)
Electricity - production
35.104 billion kWh (1998)
Electricity - production by source
fossil fuel: 61% hydro: 1% nuclear: 38% other: 0% (1999 est.)
Electricity - consumption
33.317 billion kWh (1998)
Electricity - exports
3.3 billion kWh (1998)
Electricity - imports
3.97 billion kWh (1998)
Agriculture - products
wheat, corn, sunflower seed, potatoes, sugar beets; pigs, cattle, poultry, dairy products
Exports
$22.6 billion (f.o.b., 1999)
Exports - commodities
machinery and equipment 51.9%, other manufactures 32.7%, agriculture and food products 10.5%, raw materials 2.9%, fuels and electricity 1.9% (1998)
Exports - partners
Germany 37%, Austria 11%, Italy 6%, Netherlands 5% (1998)
Imports
$25.1 billion (f.o.b., 1999)
Imports - commodities
machinery and equipment 46.5%, other manufactures 40.2%, fuels and electricity 6.6%, agricultural and food products 3.7%, raw materials 3.0% (1998)
Imports - partners
Germany 28%, Austria 10%, Italy 8%, Russia 7% (1998)
Debt - external
$27 billion (1999)
Economic aid - recipient
$122.7 million (1995)
Currency
1 forint (Ft) = 100 filler
Exchange rates
forints per US$1 - 251.150 (January 2000), 237.146 (1999), 214.402 (1998), 186.789 (1997), 152.647 (1996), 125.681 (1995)
Fiscal year
calendar year
