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 totaling more than $60 billion since 1989. The government's IMF-mandated austerity measures, imposed since late 2006, have reduced the budget deficit from over 9% of GDP in 2006 to 3.3% in 2008. Hungary's impending inability to service its short-term debt - brought on by the global credit crunch in late 2008 - led Budapest to seek and receive an IMF-arranged financial assistance package worth over $25 billion. The global financial crisis, declining exports, and low domestic consumption and fixed asset accumulation, dampened by government austerity measures, will result in a negative growth rate of about -1.5% to -2.5% in 2009.
GDP (purchasing power parity):
$205.7 billion (2008 est.)
$208.9 billion (2007)
$193.2 billion (2006)
note: data are in 2008 US dollars
GDP (official exchange rate):
$131.4 billion (2008 est.)
GDP - real growth rate:
-1.5% (2008 est.)
1.3% (2007 est.)
3.9% (2006 est.)
GDP - per capita (PPP):
$19,800 (2008 est.)
$19,700 (2007 est.)
$19,400 (2006 est.)
note: data are in 2008 US dollars
GDP - composition by sector:
agriculture: 3.2%
industry: 31.9%
services: 65% (2008 est.)
Labor force:
4.2 million (2008 est.)
Labor force - by occupation:
agriculture: 5%
industry: 32.4%
services: 62.6% (2005)
Unemployment rate:
8% (2008 est.)
Household income or consumption by percentage share:
lowest 10%: 4%
highest 10%: 22.2% (2002)
Distribution of family income - Gini index:
28 (2005)
Investment (gross fixed):
15.2% of GDP (January - September 2008)
Budget:
revenues: $76.2 billion
expenditures: $81.5 billion (2008 est.)
Public debt:
73.8% of GDP (2008 est.)
Inflation rate (consumer prices):
6.1% (2008 est.)
Central bank discount rate:
9.5% (1 January 2009)
Commercial bank prime lending rate:
9.48% (26 January 2009)
Stock of money:
$36.78 billion (31 December 2007)
Stock of quasi money:
$43.07 billion (31 December 2007)
Stock of domestic credit:
$109.5 billion (31 December 2007)
Market value of publicly traded shares:
$21.9 billion (31 December 2008)
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:
0.4% (2008 est.)
Electricity - production:
37.66 billion kWh (2007 est.)
Electricity - consumption:
37.11 billion kWh (2006 est.)
Electricity - exports:
10.69 billion kWh (2007 est.)
Electricity - imports:
14.68 billion kWh (2007 est.)
Oil - production:
32,580 bbl/day (2007 est.)
Oil - consumption:
162,800 bbl/day (2007 est.)
Oil - exports:
66,660 bbl/day (2005)
Oil - imports:
178,400 bbl/day (2005)
Oil - proved reserves:
20.18 million bbl (1 January 2008 est.)
Natural gas - production:
2.545 billion cu m (2007 est.)
Natural gas - consumption:
13.36 billion cu m (2007 est.)
Natural gas - exports:
138 million cu m (2007 est.)
Natural gas - imports:
10.45 billion cu m (2007 est.)
Natural gas - proved reserves:
8.098 billion cu m (1 January 2008 est.)
Current account balance:
-$6.89 billion (2008 est.)
Exports:
$109.3 billion f.o.b. (2008 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 28.1%, Italy 5.6%, France 4.7%, Austria 4.6%, Romania 4.5%, UK 4.5%, Slovakia 4.2%, Poland 4.2% (2007)
Imports:
$107.5 billion f.o.b. (2008 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 26.6%, China 7.8%, Russia 6.9%, Austria 6.1%, Italy 4.5%, France 4.3%, Netherlands 4.3% (2007)
Reserves of foreign exchange and gold:
$30.95 billion (31 December 2008)
Debt - external:
$144.2 billion (31 December 2008 est.)
Stock of direct foreign investment - at home:
$152.4 billion (2008 est.)
Stock of direct foreign investment - abroad:
$79.56 billion (2008 est.)
Exchange rates:
forints (HUF) per US dollar - 171.8 (2008), 183.83 (2007), 210.39 (2006), 199.58 (2005), 202.75 (2004)
