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    Hungary Economy - 1991

      Overview: Agriculture is an important sector, providing sizable export earnings and meeting domestic food needs. Industry accounts for about 40% of GNP and 30% of employment. About 40% of Hungary's foreign trade is with the USSR and Eastern Europe and a third is with the EC. Low rates of growth reflect the inability of the Soviet-style economy to modernize capital plant and motivate workers. GNP declined by 1% in 1989 and by an estimated 6% in 1990. Since 1985 external debt has more than doubled, to over $20 billion. In recent years Hungary has experimented widely with decentralized and market-oriented enterprises. The newly democratic government has renounced the Soviet economic growth model and plans to open the economy to wider market forces and to much closer economic relations with Western Europe. Prime Minister Antall has declared his intention to move foward on privatization of state enterprises, provision for bankruptcy, land reform, and marketization of international trade, but concerns over acceptable levels of unemployment and inflation may slow the reform process.

      GNP: $60.9 billion, per capita $5,800; real growth rate - 5.7% (1990 est.)

      Inflation rate (consumer prices): 30% (1990 est.)

      Unemployment rate: 1.7% (1990)

      Budget: revenues $18.2 billion; expenditures $18.3 billion, including capital expenditures of $805 million (1989)

      Exports: $10.2 billion (f.o.b. 1989); commodities--capital goods 33%, foods 25%, consumer goods 16%, fuels 1.5%, other 24.5%; partners USSR and Eastern Europe 42%, developed countries 37.4%, less developed countries 20.6% (1989)

      Imports: $10.1 billion (c.i.f., 1989); commodities--capital goods 15%, fuels 20%, manufactured consumer goods 12.4%, agriculture 5%, other 47.6%; partners--USSR and Eastern Europe 34.9%, developed countries 45.5%, less developed countries 16.6%, US 3%

      External debt: $20.7 billion (1989)

      Industrial production: growth rate - 7.9% (1990 est.)

      Electricity: 7,800,000 kW capacity; 30,400 million kWh produced, 2,870 kWh per capita (1990)

      Industries: mining, metallurgy, engineering industries, processed foods, textiles, chemicals (especially pharmaceuticals)

      Agriculture: including forestry, accounts for about 15% of GNP and 19% of employment; highly diversified crop-livestock farming; principal crops--wheat, corn, sunflowers, potatoes, sugar beets; livestock--hogs, cattle, poultry, dairy products; self-sufficient in food output

      Economic aid: donor--$2.0 billion in bilateral aid to non-Communist less developed countries (1962-89)

      Currency: forint (plural--forints); 1 forint (Ft) = 100 filler

      Exchange rates: forints (Ft) per US$1--60.95 (December 1990), 63.21 (1990), 59.07 (1989), 50.41 (1988), 46.97 (1987), 45.83 (1986), 50.12 (1985)

      Fiscal year: calendar year

      NOTE: The information regarding Hungary on this page is re-published from the 1991 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Hungary Economy 1991 information contained here. All suggestions for corrections of any errors about Hungary Economy 1991 should be addressed to the CIA.

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    Revised 08-Feb-03
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