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« Romania's Economy: An economic snapshot | Main | Slovakia's Economy »
Tuesday
Jul012008

The State of Hungary's Economy

Not much is spoken about Hungary's Economy. We set out to provide an economic snapshot of this economy and the key figures on this economy.

Hungary's Economic Structure

  • Transitioned from Planned to Market Economy
  • Remarkable turnaround of budget deficit
    • 4% of GDP in 2008 from near 10% in 2006
    • Low budget, low growth
  • GDP: $138.2 billion
    • Real GDP growth rate: 1.3% (2007), 2.3% 2008, 3.4% 2009
  • Unemployment: 7.1%
  • Inflation: 5.5% (2007 CPI est.)
  • Current Account Balance: -7.1% of GDP
  • Labor force participation: 57%
  • Private sector 80% of GDP, FDI $60 billion since 1989


Hungary's Demographics

  • Median Age
    • male: 36.8 years
    • female: 41.8 years
  • Sex Ratio
    • under 15 years: 1.06 male(s)/female
    • 15-64 years: 0.97 male(s)/female
    • 65 years and over: 0.57 male(s)/female
  • Income per Capita: $19,500
  • 4.4 million Internet users in a population of 10 million
  • Only recent emergence of middle class


Hungary By Sector:

  • Industrial Growth
    • Mining 28.2%
    • Manufacturing 13.8%
  • From 1989-2000, 1/3 FDI into East Eur. went to Hungary
  • Investment concentrated around Budapest
    • Special initiatives for doing business in eastern Hungary
  • Agriculture
    • Land 1/10 price of Western Europe
    • Speculating issue as EU ascension imminent
  • Financial Services
    • Foreign companies do not need government approval
    • May conduct cross-border financial services
    • Hungary issues investment-grade sovereign debt




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