Hungary Economy - 2023

GEOGRAPHICAL NAMES 

Economic overview

high-income EU and OECD economy; decreasing government spending; increasing judicial independence concerns; flat income taxation; increasingly dependent on energy imports; strong tourism and automotive manufacturing

Real GDP (purchasing power parity)

$326.186 billion (2021 est.)

$304.513 billion (2020 est.)

$319.019 billion (2019 est.)

note: data are in 2017 dollars

Real GDP growth rate

7.12% (2021 est.)

-4.55% (2020 est.)

4.86% (2019 est.)

Real GDP per capita

$33,600 (2021 est.)

$31,200 (2020 est.)

$32,600 (2019 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$163.251 billion (2019 est.)

Inflation rate (consumer prices)

5.11% (2021 est.)

3.33% (2020 est.)

3.34% (2019 est.)

Credit ratings

Fitch rating: BBB (2019)

Moody's rating: Baa3 (2016)

Standard & Poors rating: BBB (2019)

note: The year refers to the year in which the current credit rating was first obtained.

GDP - composition, by sector of origin

agriculture: 3.9% (2017 est.)

industry: 31.3% (2017 est.)

services: 64.8% (2017 est.)

GDP - composition, by end use

household consumption: 49.6% (2017 est.)

government consumption: 20% (2017 est.)

investment in fixed capital: 21.6% (2017 est.)

investment in inventories: 1% (2017 est.)

exports of goods and services: 90.2% (2017 est.)

imports of goods and services: -82.4% (2017 est.)

Agricultural products

maize, wheat, milk, sunflower seed, barley, rapeseed, sugar beets, apples, pork, grapes

Industries

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

Industrial production growth rate

6.64% (2021 est.)

Labor force

4.91 million (2021 est.)

Labor force - by occupation

agriculture: 4.9%

industry: 30.3%

services: 64.5% (2015 est.)

Unemployment rate

4.12% (2021 est.)

4.25% (2020 est.)

3.42% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 13.5%

male: 11.5%

female: 16.2% (2021 est.)

Population below poverty line

12.3% (2018 est.)

Gini Index coefficient - distribution of family income

30 (2019 est.)

Average household expenditures

on food: 18.2% of household expenditures (2018 est.)

on alcohol and tobacco: 7.3% of household expenditures (2018 est.)

Household income or consumption by percentage share

lowest 10%: 3.3%

highest 10%: 22.4% (2015)

Budget

revenues: $70.83 billion (2019 est.)

expenditures: $74.127 billion (2019 est.)

Budget surplus (+) or deficit (-)

-2% (of GDP) (2017 est.)

Public debt

96.11% of GDP (2020 est.)

83.29% of GDP (2019 est.)

86.55% of GDP (2018 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 other than shares excluding financial derivatives, and national, state, and local government and social security funds.

Taxes and other revenues

22.87% (of GDP) (2020 est.)

Fiscal year

calendar year

Current account balance

-$7.173 billion (2021 est.)

-$1.603 billion (2020 est.)

-$1.231 billion (2019 est.)

Exports

$148.229 billion (2021 est.) note: data are in current year dollars

$124.111 billion (2020 est.) note: data are in current year dollars

$133.736 billion (2019 est.) note: data are in current year dollars

Exports - partners

Germany 27%, Romania 5%, Italy 5%, Slovakia 5% (2019)

Exports - commodities

cars and vehicle parts, electric batteries, video displays, packaged medicines, spark-ignition engines, broadcasting equipment (2021)

Imports

$147.577 billion (2021 est.) note: data are in current year dollars

$121.016 billion (2020 est.) note: data are in current year dollars

$129.901 billion (2019 est.) note: data are in current year dollars

Imports - partners

Germany 25%, China 6%, Poland 6%, Austria 6%, Czechia 5%, Slovakia 5%, Italy 5%, Netherlands 5% (2019)

Imports - commodities

cars and vehicle parts, integrated circuits, packaged medicines, broadcasting equipment, crude petroleum (2019)

Reserves of foreign exchange and gold

$43.483 billion (31 December 2021 est.)

$41.349 billion (31 December 2020 est.)

$31.831 billion (31 December 2019 est.)

Debt - external

$123.256 billion (2019 est.)

$125.29 billion (2018 est.)

Exchange rates

forints (HUF) per US dollar -

303.141 (2021 est.)

307.997 (2020 est.)

290.66 (2019 est.)

270.212 (2018 est.)

274.433 (2017 est.)

NOTE: The information regarding Hungary on this page is re-published from the 2023 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Hungary 2023 information contained here. All suggestions for corrections of any errors about Hungary 2023 should be addressed to the CIA or the source cited on each page.