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    Hungary Index 2006

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    Hungary Economy - 2006
    https://theodora.com/wfbcurrent/hungary/hungary_economy.html
    SOURCE: 2006 CIA WORLD FACTBOOK

      Economy - overview:
      Hungary has made the transition from a centrally planned to a market economy, with a per capita income one-half that of the Big Four European nations. Hungary continues to demonstrate strong economic growth and acceded to the EU in May 2004. 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. Hungarian sovereign debt was upgraded in 2000 and together with the Czech Republic holds the highest rating among the Central European transition economies; however, ratings agencies have expressed concerns over Hungary's unsustainable budget and current account deficits. Inflation has declined from 14% in 1998 to 3.7% in 2005. Unemployment has persisted around the 6% level, but 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 3% of GDP by 2008, from about 6.5% in 2005, and orchestrating an orderly interest rate reduction without sparking capital outflows.

      GDP (purchasing power parity):
      $161 billion (2005 est.)

      GDP (official exchange rate):
      $104.5 billion (2005 est.)

      GDP - real growth rate:
      3.9% (2005 est.)

      GDP - per capita (PPP):
      $16,100 (2005 est.)

      GDP - composition by sector:
      agriculture: 3.9%
      industry: 30.9%
      services: 65.3% (2005 est.)

      Labor force:
      4.18 million (2005 est.)

      Labor force - by occupation:
      agriculture: 6.2%
      industry: 27.1%
      services: 66.7% (2002)

      Unemployment rate:
      7.1% (2005 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 (1999)

      Inflation rate (consumer prices):
      3.7% (2005 est.)

      Investment (gross fixed):
      23.1% of GDP (2005 est.)

      Budget:
      revenues: $51.4 billion
      expenditures: $58.34 billion; including capital expenditures of $NA (2005 est.)

      Public debt:
      60.9% of GDP (2005 est.)

      Agriculture - products:
      wheat, corn, sunflower seed, potatoes, sugar beets; pigs, cattle, poultry, dairy products

      Industries:
      mining, metallurgy, construction materials, processed foods, textiles, chemicals (especially pharmaceuticals), motor vehicles

      Industrial production growth rate:
      7.5% (2005 est.)

      Electricity - production:
      32.21 billion kWh (2003)

      Electricity - consumption:
      36.96 billion kWh (2003)

      Electricity - exports:
      7.1 billion kWh (2003)

      Electricity - imports:
      14.1 billion kWh (2003)

      Oil - production:
      43,920 bbl/day (2003 est.)

      Oil - consumption:
      134,100 bbl/day (2003 est.)

      Oil - exports:
      47,180 bbl/day (2001)

      Oil - imports:
      136,600 bbl/day (2001)

      Oil - proved reserves:
      110.7 million bbl (1 January 2002)

      Natural gas - production:
      2.94 billion cu m (2003 est.)

      Natural gas - consumption:
      14.58 billion cu m (2003 est.)

      Natural gas - exports:
      4 million cu m (2001 est.)

      Natural gas - imports:
      9.587 billion cu m (2001 est.)

      Natural gas - proved reserves:
      34.26 billion cu m (1 January 2002)

      Current account balance:
      -$8.667 billion (2005 est.)

      Exports:
      $61.75 billion f.o.b. (2005 est.)

      Exports - commodities:
      machinery and equipment 61.1%, other manufactures 28.7%, food products 6.5%, raw materials 2%, fuels and electricity 1.6% (2003)

      Exports - partners:
      Germany 31.4%, Austria 6.8%, France 5.7%, Italy 5.6%, UK 5.1% (2004)

      Imports:
      $64.83 billion f.o.b. (2005 est.)

      Imports - commodities:
      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:
      Germany 29.2%, Austria 8.3%, Russia 5.7%, Italy 5.5%, Netherlands 4.9%, China 4.8%, France 4.7% (2004)

      Reserves of foreign exchange and gold:
      $18.49 billion (2005 est.)

      Debt - external:
      $76.23 billion (30 June 2005 est.)

      Economic aid - recipient:
      $4.2 billion in available EU structural adjustment and cohesion funds (2004-06)

      Currency (code):
      forint (HUF)

      Exchange rates:
      forints per US dollar - 199.58 (2005), 202.75 (2004), 224.31 (2003), 257.89 (2002), 286.49 (2001)

      Fiscal year:
      calendar year


      NOTE: The information regarding Hungary on this page is re-published from the 2006 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Hungary Economy 2006 information contained here. All suggestions for corrections of any errors about Hungary Economy 2006 should be addressed to the CIA.

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    https://theodora.com/wfbcurrent/hungary/hungary_economy.html

    Revised 06-Jun-06
    Copyright © 2006 Photius Coutsoukis (all rights reserved)


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