Economy - overview Hungary continues to demonstrate strong economic growth and to work toward accession to the European Union. The private sector accounts for over 80% of GDP. Foreign ownership of and investment in Hungarian firms is 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 and unemployment - both priority concerns in 2001 - have declined substantially. Economic reform measures such as health care reform, tax reform, and local government financing have not yet been addressed by the ORBAN government.

GDP purchasing power parity - $120.9 billion (2001 est.)

GDP - real growth rate 3.9% (2001 est.)

GDP - per capita purchasing power parity - $12,000 (2001 est.)

GDP - composition by sector
agriculture: 6%
industry: 34%
services: 60% (2000 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 25.3 (1998)

Inflation rate (consumer prices) 9.2% (2001 est.)

Labor force 4.2 million (1997)

Labor force - by occupation services 65%, industry 27%, agriculture 8% (1996)

Unemployment rate 6.5% (2001 est.)

Budget
revenues: $13 billion
expenditures: $14.4 billion, including capital expenditures of $NA (2000 est.)

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

Industrial production growth rate 4.7% (2001 est.)

Electricity - production 33.436 billion kWh (2000)

Electricity - production by source
fossil fuel: 58.83%
hydro: 0.53%
other: 0.35% (2000)
nuclear: 40.29%

Electricity - consumption 35.095 billion kWh (2000)

Electricity - exports 1.2 billion kWh (2000)

Electricity - imports 5.2 billion kWh (2000)

Agriculture - products wheat, corn, sunflower seed, potatoes, sugar beets; pigs, cattle, poultry, dairy products

Exports $27.9 billion (f.o.b., 2001)

Exports - commodities machinery and equipment 59.5%, other manufactures 29.4%, food products 6.9%, raw materials 2.4%, fuels and electricity 1.8% (2000)

Exports - partners Germany 37%, Austria 9%, Italy 6%, Netherlands 5% (2000)

Imports $29.5 billion (f.o.b., 2001)

Imports - commodities machinery and equipment 51.1%, other manufactures 35.9%, fuels and electricity 8.1%, food products 2.8%, raw materials 2.1% (2000)

Imports - partners Germany 25%, Russia 8%, Austria 7%, Italy 7% (2000)

Debt - external $28.5 billion (2001)

Economic aid - recipient $122.7 million (1995)

Currency forint (HUF)

Currency code HUF

Exchange rates forints per US dollar - 275.920 (January 2002), 286.490 (2001), 282.179 (2000), 237.146 (1999), 214.402 (1998), 186.789 (1997)

Fiscal year calendar year

NOTE: The information regarding Hungary on this page is re-published from the 2002 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Hungary Economy 2002 information contained here. All suggestions for corrections of any errors about Hungary Economy 2002 should be addressed to the CIA.