Economy - overview:
Hungary continues to demonstrate strong economic growth and to work toward accession to the European Union. The private sector accounts for over 80% of GDP. Foreign ownership of and investment in Hungarian firms is widespread, with cumulative foreign direct investment totaling more than $23 billion since 1989. Hungarian sovereign debt was upgraded in 2000 to the second-highest rating among all the Central European transition economies. Inflation and unemployment - both priority concerns in 2001 - have declined substantially. The key short-term issue is the reduction of the public sector deficit from its current 6% of GDP to 4.5% in 2003 and 3% in 2004.
GDP:
purchasing power parity - $134.7 billion (2002 est.)
GDP - real growth rate:
3.2% (2002 est.)
GDP - per capita:
purchasing power parity - $13,300 (2002 est.)
GDP - composition by sector:
agriculture: 4.1%
industry: 33.8%
services: 62.1% (2000 est.)
Population below poverty line:
8.6% (1993 est.)
Household income or consumption by percentage share:
lowest 10%: 4.1%
highest 10%: 20.5% (1998)
Distribution of family income - Gini index:
24.4 (1998)
Inflation rate (consumer prices):
5.3% (2002 est.)
Labor force:
4.2 million (1997)
Labor force - by occupation:
services 65%, industry 27%, agriculture 8% (1996)
Unemployment rate:
5.8% (2002 est.)
Budget:
revenues: $13 billion
expenditures: $14.4 billion, including capital expenditures of $NA (2000 est.)
Industries:
mining, metallurgy, construction materials, processed foods, textiles, chemicals (especially pharmaceuticals), motor vehicles
Industrial production growth rate:
3.1% (2002 est.)
Electricity - production:
34.39 billion kWh (2001)
Electricity - production by source:
fossil fuel: 60.1%
hydro: 0.5%
other: 0.3% (2001)
nuclear: 39%
Electricity - consumption:
35.15 billion kWh (2001)
Electricity - exports:
7.261 billion kWh (2001)
Electricity - imports:
10.43 billion kWh (2001)
Oil - production:
41,190 bbl/day (2001 est.)
Oil - consumption:
140,700 bbl/day (2001 est.)
Oil - exports:
47,180 bbl/day (2001)
Oil - imports:
136,600 bbl/day (2001)
Oil - proved reserves:
110.7 million bbl (January 2002 est.)
Natural gas - proved reserves:
50.45 billion cu m (January 2002 est.)
Agriculture - products:
wheat, corn, sunflower seed, potatoes, sugar beets; pigs, cattle, poultry, dairy products
Exports:
$31.4 billion f.o.b. (2002 est.)
Exports - commodities:
machinery and equipment 57.6%, other manufactures 31.0%, food products 7.5%, raw materials 1.9%, fuels and electricity 1.9% (2001)
Exports - partners:
Germany 34.9%, Austria 8.7%, Italy 5.9%, US 5.6% (2000)
Imports:
$33.9 billion f.o.b. (2002 est.)
Imports - commodities:
machinery and equipment 51.6%, other manufactures 35.3%, fuels and electricity 8.2%, food products 2.9%, raw materials 2.0% (2001)
Imports - partners:
Germany 26.4%, Italy 8.3%, Austria 7.9%, Russia 6.8% (2000 est.)
Debt - external:
$31.5 billion (2002 est.)
Economic aid - recipient:
ODA $250 million (2000)
Currency:
forint (HUF)
Currency code:
HUF
Exchange rates:
forints per US dollar - 257.887 (2002), 286.49 (2001), 282.179 (2000), 237.146 (1999), 214.402 (1998)
Fiscal year:
calendar year
NOTE: The information regarding Hungary on this page is re-published from the 2003 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Guinea Geography 2003 information contained here. All suggestions for corrections of any errors about Hungary Economy 2003 should be addressed to the CIA.
