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| Economy overview | Hungary has made the transition from a centrally planned to a market economy, with a per capita income one-half that of the Big Four European nations. Hungary continues to demonstrate strong economic growth and joined the European Union in May 2004. The private sector accounts for over 80% of GDP. Foreign ownership of and investment in Hungarian firms are widespread, with cumulative foreign direct investment totaling more than $23 billion since 1989. Hungarian sovereign debt was upgraded in 2000 to the second-highest rating among all the Central European transition economies. Inflation has declined substantially, from 14% in 1998 to 4.7% in 2003; unemployment has persisted around the 6% level. Germany is by far Hungary's largest economic partner. Short-term issues include the reduction of the public sector deficit and further increasing the flexibility of the labor markets. |
| GDP | purchasing power parity - $139.8 billion (2004 est.) |
| GDP - real growth rate | 2.9% (2004 est.) |
| GDP - per capita | purchasing power parity - $13,900 (2004 est.) |
| GDP - composition by sector |
agriculture: 3.3% industry: 32.5% services: 64.2% (2004 est.) |
| Investment gross fixed | 22% of GDP (2004 est.) |
| Population below poverty line | 8.6% (1993 est.) |
| Household income or consumption by percentage share |
lowest 10%: 4.1% highest 10%: 20.5% (1998) |
| Distribution of family income - Gini index | 24.4 (1998) |
| Inflation rate consumer prices | 4.7% (2004 est.) |
| Labor force | 4.164 million (2004 est.) |
| Labor force by occupation | agriculture 8%, industry 27%, services 65% (1996) |
| Unemployment rate | 5.9% (2004 est.) |
| Budget |
revenues: $35 billion expenditures: $39.88 billion, including capital expenditures of na (2004 est.) |
| Public debt | 57% of GDP (2004 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 | 6.4% (2004 est.) |
| Electricity production | 34.39 billion kWh (2001) |
| Electricity production by source |
fossil fuel: 60.1% hydro: 0.5% other: 0.3% (2001) nuclear: 39% |
| Electricity consumption | 35.15 billion kWh (2001) |
| Electricity exports | 7.261 billion kWh (2001) |
| Electricity imports | 10.43 billion kWh (2001) |
| Oil production | 41,190 bbl/day (2001 est.) |
| Oil consumption | 140,700 bbl/day (2001 est.) |
| Oil exports | 47,180 bbl/day (2001) |
| Oil imports | 136,600 bbl/day (2001) |
| Oil proved reserves | 110.7 million bbl (1 January 2002) |
| Natural gas production | 3.231 billion cu m (2001 est.) |
| Natural gas consumption | 13.37 billion cu m (2001 est.) |
| Natural gas exports | 4 million cu m (2001 est.) |
| Natural gas imports | 9.587 billion cu m (2001 est.) |
| Natural gas proved reserves | 50.45 billion cu m (1 January 2002) |
| Current account balance | $-7.347 billion (2004 est.) |
| Exports | $42.03 billion f.o.b. (2004 est.) |
| Exports commodities | machinery and equipment 57.6%, other manufactures 31.0%, food products 7.5%, raw materials 1.9%, fuels and electricity 1.9% (2001) |
| Exports partners | Germany 34.1%, Austria 8%, Italy 5.8%, France 5.7%, UK 4.5%, Netherlands 4.1% (2003) |
| Imports | $46.19 billion f.o.b. (2003 est.) |
| Imports commodities | machinery and equipment 51.6%, other manufactures 35.3%, fuels and electricity 8.2%, food products 2.9%, raw materials 2.0% (2001) |
| Imports partners | Germany 24.5%, Italy 7.1%, China 6.9%, Austria 6.3%, Russia 6.2%, France 4.8%, Japan 4.2% (2003) |
| Reserves of foreign exchange gold | $12.78 billion (2004 est.) |
| Debt external | $42.38 billion (2004 est.) |
| Economic aid recipient | ODA $250 million (2000) |
| Currency | forint (HUF) |
| Currency code | HUF |
| Exchange rates | forints per US dollar - 224.307 (2003), 257.887 (2002), 286.49 (2001), 282.179 (2000), 237.146 (1999) |
| Fiscal year | calendar year |
Introduction and Background to Hungary | Geography Of Hungary | People Of Hungary | Government Of Hungary | Communications Of Hungary | Transportation Of Hungary | Military Of Hungary | Transnational Issues Of Hungary
Hungarian Flag Map Of Hungary Hungarian language
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