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Hungary Economy 2017
http://www.theodora.com/wfbcurrent/hungary/hungary_economy.html
SOURCE: 2017 CIA WORLD FACTBOOK AND OTHER SOURCES











Hungary Economy 2017
SOURCE: 2017 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on January 12, 2017

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-28 average.In late 2008, Hungary's impending inability to service its short-term debt - brought on by the global financial crisis - led Budapest to obtain an IMF/EU/World Bank-arranged financial assistance package worth over $25 billion. The global economic downturn, declining exports, and low domestic consumption and investment, dampened by government austerity measures, resulted in a severe economic contraction in 2009. In 2010, the new government implemented a number of changes including cutting business and personal income taxes, but imposed "crisis taxes" on financial institutions, energy and telecom companies, and retailers. The IMF/EU bailout program lapsed at the end of 2010 and was replaced by Post Program Monitoring and Article IV Consultations on overall economic and fiscal processes. At the end of 2011 the government turned to the IMF and the EU to obtain a financial backstop to support its efforts to refinance foreign currency debt and bond obligations in 2012 and beyond, but Budapest's rejection of EU and IMF economic policy recommendations led to a breakdown in talks with the lenders in late 2012. Global demand for high yield has since helped Hungary to obtain funds on international markets.Hungary’s progress reducing its deficit to under 3% of GDP led the European Commission in 2013 to permit Hungary for the first time since joining the EU in 2004 to exit the Excessive Deficit Procedure. The government remains committed to keeping the budget deficit in check and lowering public debt by using sectoral taxes, while relying on state interventionist measures to lower utility prices and boost growth and employment.

GDP (purchasing power parity):
$267.6 billion (2016 est.) $262.4 billion (2015 est.) $254.9 billion (2014 est.)
note: data are in 2016 dollars
country comparison to the world: 60
[see also: GDP country ranks ]

GDP (official exchange rate):
$117.1 billion (2015 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
2% (2016 est.) 2.9% (2015 est.) 3.7% (2014 est.)
country comparison to the world: 136
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$27,200 (2016 est.) $26,600 (2015 est.) $25,800 (2014 est.)
note: data are in 2016 dollars
country comparison to the world: 69
[see also: GDP - per capita country ranks ]

Gross national saving:
25.8% of GDP (2016 est.) 26.4% of GDP (2015 est.) 24.3% of GDP (2014 est.)
country comparison to the world: 44
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 50.3%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 20%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 20.4%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 0.6%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 94.3%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -85.6% (2016 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 3.5%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 31.8%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 64.7% (2016 est.)
[see also: GDP - composition, by sector of origin - services 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:
3.3% (2016 est.)
country comparison to the world: 73
[see also: Industrial production growth rate country ranks ]

Labor force:
4.564 million (2016 est.)
country comparison to the world: 89
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 7.1%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 29.7%
[see also: Labor force - by occupation - industry country ranks ]
services: 63.2% (2011)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
6.6% (2016 est.) 6.8% (2015 est.)
country comparison to the world: 75
[see also: Unemployment rate country ranks ]

Population below poverty line:
14.9% (2015 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 3.1%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 22.6% (2009)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Distribution of family income - Gini index:
30.6 (2013 est.) 24.7 (2009)
country comparison to the world: 117
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $57.32 billion
[see also: Budget revenues country ranks ]
expenditures: $60.08 billion (2016 est.)
[see also: Budget expenditures country ranks ]

Taxes and other revenues:
49% of GDP (2016 est.)
country comparison to the world: 14
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-2.4% of GDP
note: Hungary has been under the EU Excessive Deficit Procedure since it joined the EU in 2004; in March 2012 the EU elevated its Excessive Deficit Procedure against Hungary and proposed freezing 30% of the country's Cohesion Funds because 2011 deficit reductio (2016 est.)
country comparison to the world: 77
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
75.1% of GDP (2016 est.) 75.3% of GDP (2015 est.)
note: general government gross debt is defined in the Maastricht Treaty as consolidated general government gross debt at nominal value, outstanding at the end of the year in the following categories of government liabilities: currency and deposits, securities o
country comparison to the world: 38
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
0.1% (2016 est.) -0.1% (2015 est.)
country comparison to the world: 35
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
1.35% (22 July 2015) 2.1% (23 July 2014)
country comparison to the world: 121
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
2.3% (31 December 2016 est.) 2.9% (31 December 2015 est.)
country comparison to the world: 175
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$48.2 billion (31 December 2016 est.) $46.14 billion (31 December 2015 est.)
country comparison to the world: 51
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$68.87 billion (31 December 2015 est.) $66.91 billion (31 December 2014 est.)
country comparison to the world: 62
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$68.82 billion (31 December 2016 est.) $69.85 billion (31 December 2015 est.)
country comparison to the world: 58
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$17.69 billion (31 December 2015 est.) $14.51 billion (31 December 2014 est.) $19.8 billion (31 December 2013 est.)
country comparison to the world: 68
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
$5.72 billion (2016 est.) $5.291 billion (2015 est.)
country comparison to the world: 23
[see also: Current account balance country ranks ]

Exports:
$91.78 billion (2016 est.) $89.44 billion (2015 est.)
country comparison to the world: 37
[see also: Exports country ranks ]

Exports - commodities:
machinery and equipment 53.5%, other manufactures 31.2%, food products 8.7%, raw materials 3.4%, fuels and electricity 3.9% (2012 est.)

Exports - partners:
Germany 28%, Romania 5.4%, Slovakia 5.1%, Austria 5%, Italy 4.8%, France 4.7%, UK 4%, Czech Republic 4% (2015)

Imports:
$86.61 billion (2016 est.) $84.7 billion (2015 est.)
country comparison to the world: 35
[see also: Imports country ranks ]

Imports - commodities:
machinery and equipment 45.4%, other manufactures 34.3%, fuels and electricity 12.6%, food products 5.3%, raw materials 2.5% (2012)

Imports - partners:
Germany 25.8%, China 6.7%, Austria 6.6%, Poland 5.5%, Slovakia 5.3%, France 5%, Czech Republic 4.8%, Netherlands 4.6%, Italy 4.5% (2015)

Reserves of foreign exchange and gold:
$31.62 billion (31 December 2016 est.) $33.13 billion (31 December 2015 est.)
country comparison to the world: 48
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$131.2 billion (31 December 2016 est.) $127.6 billion (31 December 2015 est.)
country comparison to the world: 43
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$240.4 billion (31 December 2016 est.) $236.2 billion (31 December 2015 est.)
country comparison to the world: 25
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$168.4 billion (31 December 2016 est.) $165.8 billion (31 December 2015 est.)
country comparison to the world: 26
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
forints (HUF) per US dollar - 287.7 (2016 est.) 279.33 (2015 est.) 279.33 (2014 est.) 232.6 (2013 est.) 225.1 (2012 est.)


NOTE: The information regarding Hungary on this page is re-published from the 2017 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Hungary Economy 2017 information contained here. All suggestions for corrections of any errors about Hungary Economy 2017 should be addressed to the CIA.




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