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Economy - overview:
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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. Hungary continues to demonstrate strong economic growth and acceded to the EU 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 $60 billion since 1989. Hungary issues investment-grade sovereign debt. International observers, however, have expressed concerns over Hungary's fiscal and current account deficits. Inflation has declined from 14% in 1998 to 3.7% in 2006. Unemployment has persisted above 6%. Hungary's labor force participation rate of 57% is one of the lowest in the Organization for Economic Cooperation and Development (OECD). Germany is by far Hungary's largest economic partner. Policy challenges include cutting the public sector deficit to 3% of GDP by 2008, from about 6.5% in 2006, and tackling a persistent trade deficit. The current government has announced and begun to implement an austerity program designed to address these issues, leading to eventual adoption of the euro.
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GDP (purchasing power parity):
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$175 billion (2006 est.)
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GDP (official exchange rate):
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$113.2 billion (2006 est.)
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GDP - real growth rate:
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3.9% (2006 est.)
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GDP - per capita (PPP):
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$17,500 (2006 est.)
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GDP - composition by sector:
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agriculture: 3.4%
industry: 31.5%
services: 65.1% (2006 est.)
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Labor force:
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4.21 million (2006 est.)
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Labor force - by occupation:
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agriculture: 5.5%
industry: 33.3%
services: 61.2% (2003)
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Unemployment rate:
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7.4% (2006 est.)
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Population below poverty line:
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8.6% (1993 est.)
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Household income or consumption by percentage share:
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lowest 10%: 4%
highest 10%: 22.2% (2002)
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Distribution of family income - Gini index:
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26.9 (2002)
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Inflation rate (consumer prices):
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4.1% (2006 est.)
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Investment (gross fixed):
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21.8% of GDP (2006 est.)
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Budget:
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revenues: $50.51 billion
expenditures: $60.71 billion (2006 est.)
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Public debt:
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64.9% of GDP (2006 est.)
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Agriculture - products:
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wheat, corn, sunflower seed, potatoes, sugar beets; pigs, cattle, poultry, dairy products
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Industries:
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mining, metallurgy, construction materials, processed foods, textiles, chemicals (especially pharmaceuticals), motor vehicles
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Industrial production growth rate:
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9.5% (2006 est.)
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Electricity - production:
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33.69 billion kWh (2005)
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Electricity - consumption:
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35.98 billion kWh (2005)
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Electricity - exports:
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9.41 billion kWh (2005)
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Electricity - imports:
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15.64 billion kWh (2005)
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Oil - production:
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47,530 bbl/day (2004 est.)
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Oil - consumption:
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132,000 bbl/day (2004 est.)
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Oil - exports:
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58,380 bbl/day (2004)
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Oil - imports:
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150,000 bbl/day (2004)
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Oil - proved reserves:
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102.5 million bbl (1 January 2006)
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Natural gas - production:
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2.904 billion cu m (2005 est.)
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Natural gas - consumption:
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14.37 billion cu m (2005 est.)
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Natural gas - exports:
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0 cu m (2005 est.)
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Natural gas - imports:
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11.51 billion cu m (2005)
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Natural gas - proved reserves:
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32.86 billion cu m (1 January 2006 est.)
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Current account balance:
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$-6.211 billion (2006 est.)
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Exports:
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$73.51 billion f.o.b. (2006 est.)
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Exports - commodities:
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machinery and equipment 61.1%, other manufactures 28.7%, food products 6.5%, raw materials 2%, fuels and electricity 1.6% (2003)
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Exports - partners:
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Germany 29.5%, Italy 5.6%, France 5%, Austria 5%, UK 4.5%, Romania 4.2%, Poland 4.1% (2006)
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Imports:
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$74.02 billion f.o.b. (2006 est.)
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Imports - commodities:
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machinery and equipment 51.6%, other manufactures 35.7%, fuels and electricity 7.7%, food products 3.1%, raw materials 2.0% (2003)
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Imports - partners:
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Germany 27.1%, Russia 8.2%, China 6.9%, Austria 6.2%, France 4.7%, Italy 4.6%, Netherlands 4.3%, Poland 4.3% (2006)
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Economic aid - recipient:
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$302.6 million in available EU structural adjustment and cohesion funds (2004)
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Reserves of foreign exchange and gold:
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$21.59 billion (2006 est.)
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Debt - external:
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$82.02 billion (2006 est.)
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Stock of direct foreign investment - at home:
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$96.61 billion (2006 est.)
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Stock of direct foreign investment - abroad:
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$36.24 billion (2006 est.)
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Market value of publicly traded shares:
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$41.93 billion (2006)
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Currency (code):
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forint (HUF)
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Exchange rates:
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forints per US dollar - 210.39 (2006), 199.58 (2005), 202.75 (2004), 224.31 (2003), 257.89 (2002)
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Fiscal year:
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calendar year
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