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Hungary Economy 2011
https://theodora.com/wfb2011/hungary/hungary_economy.html
SOURCE: 2011 CIA WORLD FACTBOOK AND OTHER SOURCES


















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Page last updated on January 13, 2011

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 worth more than $70 billion. The government's austerity measures, imposed since late 2006, have reduced the budget deficit from over 9% of GDP in 2006 to 3.8% in 2010. Hungary's impending inability to service its short-term debt - brought on by the global financial crisis in late 2008 - led Budapest to obtain an IMF-arranged financial assistance package worth over $25 billion. The global economic downturn, declining exports, and low domestic consumption and fixed asset accumulation, dampened by government austerity measures, resulted in an economic contraction of 6.3% in 2009. The economy rebounded in 2010 with a big boost from exports, and growth of more than 2.5% is expected in 2011. Unemployment remained high, at more than 11%.

GDP (purchasing power parity):
$190 billion (2010 est.)
country comparison to the world: 55

$188.5 billion (2009 est.)
$201.2 billion (2008 est.)
note: data are in 2010 US dollars
[see also: GDP (purchasing power parity) country ranks ]

GDP (official exchange rate):
$132.3 billion (2009 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
0.8% (2010 est.)
country comparison to the world: 185

-6.3% (2009 est.)
0.6% (2008 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$19,000 (2010 est.)
country comparison to the world: 64

$18,800 (2009 est.)
$20,100 (2008 est.)
note: data are in 2010 US dollars
[see also: GDP - per capita country ranks ]

GDP - composition by sector:
agriculture: 2.8%
[see also: GDP - composition by sector - agriculture country ranks ]
industry: 35.7%
[see also: GDP - composition by sector - industry country ranks ]
services: 61.5% (2009 est.)
[see also: GDP - composition by sector - services country ranks ]

Labor force:
4.17 million (January 2010 est.)
country comparison to the world: 86
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 4.5%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 32.1%
[see also: Labor force - by occupation - industry country ranks ]
services: 63.4% (2008)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
11.5% (2010 est.)
country comparison to the world: 124

10% (2009 est.)
[see also: Unemployment rate country ranks ]

Population below poverty line:
12% (2010 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 3.5%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 24.1% (2004)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Distribution of family income - Gini index:
28 (2005)
country comparison to the world: 122

24.4 (1998)
[see also: Distribution of family income - Gini index country ranks ]

Investment (gross fixed):
19.4% of GDP (2009 est.)
country comparison to the world: 94
[see also: Investment (gross fixed) country ranks ]

Budget:
revenues: $54.16 billion
[see also: Budget - revenues country ranks ]
expenditures: $59.17 billion (2009 est.)
[see also: Budget - expenditures country ranks ]

Public debt:
72.1% of GDP (2010 est.)
country comparison to the world: 24

78% of GDP (2009 est.)
[see also: Public debt country ranks ]

Inflation rate (consumer prices):
4.5% (2010 est.)
country comparison to the world: 130

4.2% (2009 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
6.25% (31 December 2009)
country comparison to the world: 46

10% (31 December 2008)
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
11.04% (31 December 2009 est.)
country comparison to the world: 88

10.18% (31 December 2008 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$28.67 billion (31 December 2010 est)

$30.25 billion (31 December 2009 est)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$67.94 billion (31 December 2010 est.)

$70.99 billion (31 December 2009 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$99.06 billion (31 December 2010 est.)
country comparison to the world: 50

$103 billion (31 December 2009 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$28.29 billion (31 December 2009)
country comparison to the world: 63

$18.58 billion (31 December 2008)
$47.65 billion (31 December 2007)
[see also: Market value of publicly traded shares country ranks ]

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:
5% (2009 est.)
country comparison to the world: 65
[see also: Industrial production growth rate country ranks ]

Electricity - production:
40.03 billion kWh (2008 est.)
country comparison to the world: 56
[see also: Electricity - production country ranks ]

Electricity - consumption:
37.4 billion kWh (2008 est.)
country comparison to the world: 55
[see also: Electricity - consumption country ranks ]

Electricity - exports:
9.446 billion kWh (2008 est.)
[see also: Electricity - exports country ranks ]

Electricity - imports:
13.35 billion kWh (2008 est.)
[see also: Electricity - imports country ranks ]

Oil - production:
35,580 bbl/day (2009 est.)
country comparison to the world: 67
[see also: Oil - production country ranks ]

Oil - consumption:
158,200 bbl/day (2009 est.)
country comparison to the world: 64
[see also: Oil - consumption country ranks ]

Oil - exports:
69,650 bbl/day (2008 est.)
country comparison to the world: 73
[see also: Oil - exports country ranks ]

Oil - imports:
181,800 bbl/day (2008 est.)
country comparison to the world: 50
[see also: Oil - imports country ranks ]

Oil - proved reserves:
26.57 million bbl (1 January 2010 est.)
country comparison to the world: 83
[see also: Oil - proved reserves country ranks ]

Natural gas - production:
2.603 billion cu m (2009 est.)
country comparison to the world: 57
[see also: Natural gas - production country ranks ]

Natural gas - consumption:
11.32 billion cu m (2009 est.)
country comparison to the world: 46
[see also: Natural gas - consumption country ranks ]

Natural gas - exports:
85 million cu m (2009 est.)
country comparison to the world: 42
[see also: Natural gas - exports country ranks ]

Natural gas - imports:
9.708 billion cu m (2009 est.)
country comparison to the world: 22
[see also: Natural gas - imports country ranks ]

Natural gas - proved reserves:
8.098 billion cu m (1 January 2010 est.)
country comparison to the world: 81
[see also: Natural gas - proved reserves country ranks ]

Current account balance:
-$631 million (2010 est.)
country comparison to the world: 124

$441 million (2009 est.)
[see also: Current account balance country ranks ]

Exports:
$93.74 billion (2010 est.)
country comparison to the world: 36

$82.1 billion (2009 est.)
[see also: Exports country ranks ]

Exports - commodities:
machinery and equipment 61.1%, other manufactures 28.7%, food products 6.5%, raw materials 2%, fuels and electricity 1.6% (2009 est.)

Exports - partners:
Germany 25.54%, Italy 5.67%, UK 5.41%, France 5.37%, Romania 5.28%, Slovakia 4.97%, Austria 4.52% (2009)

Imports:
$87.44 billion (2010 est.)
country comparison to the world: 34

$76.42 billion (2009 est.)
[see also: Imports country ranks ]

Imports - commodities:
machinery and equipment 50%, fuels and electricity 11%, food products, raw materials

Imports - partners:
Germany 25.05%, China 8.56%, Russia 7.3%, Austria 6.08%, Netherlands 4.73%, France 4.51%, Slovakia 4.14%, Italy 4.13%, Poland 4.07% (2009)

Reserves of foreign exchange and gold:
$45.73 billion (31 December 2010 est.)
country comparison to the world: 23

$44.18 billion (31 December 2009 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$134.6 billion (31 December 2010 est.)
country comparison to the world: 31

$147.5 billion (31 December 2009 est.)
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$72.61 billion (31 December 2010 est.)
country comparison to the world: 45

$70.41 billion (31 December 2009 est.)
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$20.48 billion (31 December 2010 est.)
country comparison to the world: 40

$19.41 billion (31 December 2009 est.)
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
forints (HUF) per US dollar - 213.69 (2010), 202.34 (2009), 171.8 (2008), 183.83 (2007), 210.39 (2006)


NOTE: The information regarding Hungary on this page is re-published from the 2011 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Hungary Economy 2011 information contained here. All suggestions for corrections of any errors about Hungary Economy 2011 should be addressed to the CIA.



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