Hungary

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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-28 average.
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 investment, dampened by government austerity measures, resulted in a severe economic contraction 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 bailout program lapsed at the end of 2010 and was replaced by Post Program Monitoring and Article IV Consultations on overall economic and fiscal processes. At the end of 2011 the government turned to the IMF and the EU to obtain a 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. Global demand for high yield has since helped Hungary to obtain funds on international markets.
Hungary’s progress reducing its deficit to under 3% of GDP led the European Commission in 2013 to permit Hungary for the first time since joining the EU in 2004 to exit the Excessive Deficit Procedure. The government remains committed to keeping the budget deficit in check and lowering public debt by using sectoral taxes, while relying on state interventionist measures to lower utility prices and boost growth and employment.

GDP (purchasing power parity):
$267.6 billion (2016 est.)
$262.4 billion (2015 est.)
$254.9 billion (2014 est.)
note: data are in 2016 dollars
GDP (official exchange rate):
$117.1 billion (2015 est.)
GDP – real growth rate:
2% (2016 est.)
2.9% (2015 est.)
3.7% (2014 est.)

GDP – per capita (PPP):
$27,200 (2016 est.)
$26,600 (2015 est.)
$25,800 (2014 est.)
note: data are in 2016 dollars

Gross national saving:
25.8% of GDP (2016 est.)
26.4% of GDP (2015 est.)
24.3% of GDP (2014 est.)

GDP – composition, by end use:
household consumption: 50.3%
government consumption: 20%
investment in fixed capital: 20.4%
investment in inventories: 0.6%
exports of goods and services: 94.3%
imports of goods and services: -85.6% (2016 est.)
GDP – composition, by sector of origin:
agriculture: 3.5%
industry: 31.8%
services: 64.7% (2016 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:
3.3% (2016 est.)

Labor force:
4.564 million (2016 est.)

Labor force – by occupation:
agriculture: 7.1%
industry: 29.7%
services: 63.2% (2011)
Unemployment rate:
6.6% (2016 est.)
6.8% (2015 est.)

Population below poverty line:
14.9% (2015 est.)
Household income or consumption by percentage share:
lowest 10%: 3.1%
highest 10%: 22.6% (2009)

Distribution of family income – Gini index:
30.6 (2013 est.)
24.7 (2009)

Budget:
revenues: $57.32 billion
expenditures: $60.08 billion (2016 est.)
Taxes and other revenues:
49% of GDP (2016 est.)

Budget surplus (+) or deficit (-):
-2.4% of GDP
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 reductio (2016 est.)

Public debt:
75.1% of GDP (2016 est.)
75.3% of GDP (2015 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 o

Fiscal year:
calendar year
Inflation rate (consumer prices):
0.1% (2016 est.)
-0.1% (2015 est.)

Central bank discount rate:
1.35% (22 July 2015)
2.1% (23 July 2014)

Commercial bank prime lending rate:
2.3% (31 December 2016 est.)
2.9% (31 December 2015 est.)

Stock of narrow money:
$48.2 billion (31 December 2016 est.)
$46.14 billion (31 December 2015 est.)

Stock of broad money:
$68.87 billion (31 December 2015 est.)
$66.91 billion (31 December 2014 est.)
country comparison to the world: 62

Stock of domestic credit:
$68.82 billion (31 December 2016 est.)
$69.85 billion (31 December 2015 est.)

Market value of publicly traded shares:
$17.69 billion (31 December 2015 est.)
$14.51 billion (31 December 2014 est.)
$19.8 billion (31 December 2013 est.)

Current account balance:
$5.72 billion (2016 est.)
$5.291 billion (2015 est.)

Exports:
$91.78 billion (2016 est.)
$89.44 billion (2015 est.)

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 est.)

Exports – partners:
Germany 28%, Romania 5.4%, Slovakia 5.1%, Austria 5%, Italy 4.8%, France 4.7%, UK 4%, Czech Republic 4% (2015)

Imports:
$86.61 billion (2016 est.)
$84.7 billion (2015 est.)

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 25.8%, China 6.7%, Austria 6.6%, Poland 5.5%, Slovakia 5.3%, France 5%, Czech Republic 4.8%, Netherlands 4.6%, Italy 4.5% (2015)

Reserves of foreign exchange and gold:
$31.62 billion (31 December 2016 est.)
$33.13 billion (31 December 2015 est.)

Debt – external:
$131.2 billion (31 December 2016 est.)
$127.6 billion (31 December 2015 est.)

Stock of direct foreign investment – at home:
$240.4 billion (31 December 2016 est.)
$236.2 billion (31 December 2015 est.)

Stock of direct foreign investment – abroad:
$168.4 billion (31 December 2016 est.)
$165.8 billion (31 December 2015 est.)

Exchange rates:
forints (HUF) per US dollar –
287.7 (2016 est.)
279.33 (2015 est.)
279.33 (2014 est.)
232.6 (2013 est.)
225.1 (2012 est.)

  2014 - Sales (€)2014 - Profit (€)Employees - 2014
1MOL Magyar Olaj es Gazipari Nyrt4886607000-5086600027.499
2Audi Hungaria Motor Kft.233663200010046600010.868
3GE Infrastructure CEE Holding Kft.160642700022800900010.765
4MVM Magyar Villamos Művek Zrt.1194828000-77680008.342
5Mercedes-Benz Manufacturing Hungary Kft.884435000200930003.428
6Robert Bosch Kft.882894000107870009.26
7Samsung Electronics Magyar Zrt. 704593000239400001.748
8Országos Takarékpénztár és Kereskedelmi Bank Nyilvánosan Mûködõ - OTP Bank Nyrt636099000-10225800035.238
9Magyar Telekom Távközlési Nyrt.6264470003202400011.05
10Tesco Global Áruházak Zrt609707000-6802200018.611
11E.On Hungária Energetikai zrt50577900004.779
12Flextronics International Termelő És Szolgáltató Vámszabad-Területi Kft50469400055000005.586
13Magyar Suzuki Zrt.48471700060230002.796
14BorsodChem Zrt.459983000-24710002.49
15Spar Magyarország Kereskedelmi Kft.400370000-1847800014.015
16Wizz Air Hungary Légiközlekedési Kft.391829000589440001.76
17Continental Magyarország Kft.368243000188500005.356
18Richter Gedeon Vegyészeti Gyár Nyrt.3537090002503400011.759
19Szerencsejáték Zrt.304510000209880001.533
20PCE Paragon Solutions Kft. 3035560001167000599
21Sanofi-Aventis Chinoin Zrt.296940000313890001.98
22ISD Dunaferr Dunai Vasmű Kft.295676000-358850005.841
23Jabil Circuit Magyarország Kft.285934000186350004.286
24OMV Hungária Ásványolaj Kft.2801910008100047
25Auchan Magyarország Kereskedelmi És Szolgáltató Kft.277437000-125060006.421
26Electrolux Lehel Hűtőgépgyár Kft. 267631000-13880003.099
27Teva Gyógyszergyár Zrt.265324000817570002.856
28Lidl Magyarország Kereskedelmi Bt.26154200081990003.601
29Shell Hungary Kereskedelmi Zrt.253113000-2738000120
30Michelin Hungária Abroncsgyártó Kft. 24729300060410001.636
Sources: CIA Fact Book, www.figyelo.hu, www.hvg.hu, www.ceginformacio.hu, www.bse.hu