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Hungary Economy 2014

SOURCE: 2014 CIA WORLD FACTBOOK AND OTHER SOURCES











Hungary Economy 2014
SOURCE: 2014 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on January 31, 2014

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-27 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. 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 fixed asset accumulation, dampened by government austerity measures, resulted in an economic contraction of 6.8% 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 bail-out program lapsed at the end of the year and was replaced by Post Program Monitoring and Article IV Consultations on overall economic and fiscal processes. The economy began to recover in 2010 with a big boost from exports, especially to Germany, and achieved growth of approximately 1.7% in 2011. At the end of 2011 the government turned to the IMF and the EU to obtain 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. Since joining the EU in 2004, Hungary has been subject to the European Commission's Excessive Deficit Procedure; Brussels has requested that the government outline measures to sustainably reduce the budget deficit to under 3% of GDP. Ongoing economic weakness in Western Europe as well as lack of domestic investment and demand caused a GDP to fall 1.7% in 2012. Unemployment remained high, at more than 11%.

GDP (purchasing power parity):
$193.6 billion (2012 est.)
country comparison to the world: 57

$197.1 billion (2011 est.)
$193.9 billion (2010 est.)
note: data are in 2012 US dollars
[see also: GDP country ranks ]

GDP (official exchange rate):
$124 billion (2012 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
-1.7% (2012 est.)
country comparison to the world: 207

1.6% (2011 est.)
1.3% (2010 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$19,500 (2012 est.)
country comparison to the world: 71

$19,700 (2011 est.)
$19,400 (2010 est.)
note: data are in 2012 US dollars
[see also: GDP - per capita country ranks ]

Gross national saving:
19.3% of GDP (2012 est.)
country comparison to the world: 81

20.4% of GDP (2011 est.)
19.8% of GDP (2010 est.)
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 54.3%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 20.3%
investment in fixed capital: 17.2%
investment in inventories: 0.4%
exports of goods and services: 94.8%
imports of goods and services: -87%

(2012 est.)

GDP - composition, by sector of origin:
agriculture: 3.3%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 27.6%
services: 69.1% (2012 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:
-1.3% (2012 est.)
country comparison to the world: 150
[see also: Industrial production growth rate country ranks ]

Labor force:
4.257 million (2012 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%
services: 63.2% (2011 est.)

Unemployment rate:
10.7% (2012 est.)
country comparison to the world: 113

10.7% (2011 est.)
[see also: Unemployment rate country ranks ]

Population below poverty line:
14% (2012)
[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)

Distribution of family income - Gini index:
24.7 (2009)
country comparison to the world: 133

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

Budget:
revenues: $58.02 billion
[see also: Budget revenues country ranks ]
expenditures: $60.68 billion (2012 est.)

Taxes and other revenues:
46.8% of GDP (2012 est.)
country comparison to the world: 20
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-2.1% of GDP
country comparison to the world: 86
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 reductions were not achieved in a sustainable manner; in June 2012, the EU lifted the freeze, reognizing that steps had been taken to reduce the deficit; the latest EC forecasts project the Hungarian deficit to increase above 3% both in 2013 and in 2014 due to sluggish growth and the government's fiscal tightening (2012 est.)
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
79.3% of GDP (2012 est.)
country comparison to the world: 28

81.4% of GDP (2011 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 government, state government, local government, and social security funds.
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
5.7% (2012 est.)
country comparison to the world: 158

3.9% (2011 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
5.75% (19 December 2012)
country comparison to the world: 41

7% (31 December 2011)
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
9.02% (31 December 2012 est.)
country comparison to the world: 113

8.34% (31 December 2011 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$33.03 billion (31 December 2012 est.)
country comparison to the world: 57

$30.51 billion (31 December 2011 est.)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$74.5 billion (31 December 2011 est.)
country comparison to the world: 59

$86.68 billion (31 December 2010 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$87.27 billion (31 December 2012 est.)
country comparison to the world: 55

$88.6 billion (31 December 2011 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$22.9 billion (31 December 2012 est.)
country comparison to the world: 60

$22.8 billion (31 December 2011)
$27.71 billion (31 December 2010)
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
$2.087 billion (2012 est.)
country comparison to the world: 40

$1.211 billion (2011 est.)
[see also: Current account balance country ranks ]

Exports:
$90.23 billion (2012 est.)
country comparison to the world: 43

$98.83 billion (2011 est.)
[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)

Exports - partners:
Germany 25.6%, Romania 6.2%, Slovakia 6.1%, Austria 6%, Italy 4.8%, France 4.8%, UK 4.2% (2012)

Imports:
$87.37 billion (2012 est.)
country comparison to the world: 38

$95.2 billion (2011 est.)
[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 25.1%, Russia 8.8%, China 7.4%, Austria 7.1%, Slovakia 5.6%, Poland 4.8%, Italy 4.5%, Netherlands 4.2% (2012)

Reserves of foreign exchange and gold:
$44.67 billion (31 December 2012 est.)
country comparison to the world: 44

$48.84 billion (31 December 2011 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$169.3 billion (31 December 2012 est.)
country comparison to the world: 33

$184.6 billion (31 December 2011 est.)
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$107 billion (31 December 2012 est.)
country comparison to the world: 40

$93.13 billion (31 December 2011 est.)
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$41.82 billion (31 December 2012 est.)
country comparison to the world: 39

$30.63 billion (31 December 2011 est.)
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
forints (HUF) per US dollar -

225.1 (2012 est.)
201.05 (2011 est.)
207.94 (2010 est.)
202.34 (2009)
171.8 (2008)


NOTE: 1) The information regarding Hungary on this page is re-published from the 2014 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Hungary Economy 2014 information contained here. All suggestions for corrections of any errors about Hungary Economy 2014 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) They assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order






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