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Hungary

Hungary Economy Stats

Overview:

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. The private sector accounts for more than 80% of GDP. Foreign ownership of and investment in Hungarian firms are widespread, with cumulative foreign direct investment worth more than $70 billion. The government's austerity measures, imposed since late 2006, have reduced the budget deficit from over 9% of GDP in 2006 to 3.8% in 2010, with a target of less than 3% in 2011. Hungary's impending inability to service its short-term debt - brought on by the global financial crisis in late 2008 - 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 fixed asset accumulation, dampened by government austerity measures, resulted in an economic contraction of 6.3% in 2009. In 2010 the new FIDESZ 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 economy rebounded in 2010 with a big boost from exports, especially to Germany, and growth of more than 2.5% is expected in 2011. Unemployment remained high, at more than 10% in 2010.

Definitions

  • Budget > Revenues: Revenues calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms
  • Budget surplus > + or deficit > -: This entry records the difference between national government revenues and expenditures, expressed as a percent of GDP. A positive (+) number indicates that revenues exceeded expenditures (a budget surplus), while a negative (-) number indicates the reverse (a budget deficit). Normalizing the data, by dividing the budget balance by GDP, enables easy comparisons across countries and indicates whether a national government saves or borrows money. Countries with high budget deficits (relative to their GDPs) generally have more difficulty raising funds to finance expenditures, than those with lower deficits.
  • Debt > Government debt > Public debt, share of GDP: Public debt as % of GDP (CIA).

    No date was available from the Wikipedia article, so we used the date of retrieval.

  • Exports: This entry provides the total US dollar amount of merchandise exports on an f.o.b. (free on board) basis. These figures are calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms.
  • GDP: GDP at purchaser's prices is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. Data are in current U.S. dollars. Dollar figures for GDP are converted from domestic currencies using single year official exchange rates. For a few countries where the official exchange rate does not reflect the rate effectively applied to actual foreign exchange transactions, an alternative conversion factor is used.
  • GDP > Composition, by sector of origin > Services: This entry is derived from Economy > GDP > Composition, by sector of origin, which shows where production takes place in an economy. The distribution gives the percentage contribution of agriculture, industry, and services to total GDP, and will total 100 percent of GDP if the data are complete. Agriculture includes farming, fishing, and forestry. Industry includes mining, manufacturing, energy production, and construction. Services cover government activities, communications, transportation, finance, and all other private economic activities that do not produce material goods.
  • GDP > Per capita: This entry gives the gross domestic product (GDP) or value of all final goods and services produced within a nation in a given year. A nation's GDP at purchasing power parity (PPP) exchange rates is the sum value of all goods and services produced in the country valued at prices prevailing in the United States. This is the measure most economists prefer when looking at per-capita welfare and when comparing living conditions or use of resources across countries. The measure is difficult to compute, as a US dollar value has to be assigned to all goods and services in the country regardless of whether these goods and services have a direct equivalent in the United States (for example, the value of an ox-cart or non-US military equipment); as a result, PPP estimates for some countries are based on a small and sometimes different set of goods and services. In addition, many countries do not formally participate in the World Bank's PPP project that calculates these measures, so the resulting GDP estimates for these countries may lack precision. For many developing countries, PPP-based GDP measures are multiples of the official exchange rate (OER) measure. The difference between the OER- and PPP-denominated GDP values for most of the weathly industrialized countries are generally much smaller. Per capita figures expressed per 1 population.
  • GDP > Per capita > PPP: This entry shows GDP on a purchasing power parity basis divided by population as of 1 July for the same year.
  • GDP > Purchasing power parity per capita: This entry gives the gross domestic product (GDP) or value of all final goods and services produced within a nation in a given year. A nation's GDP at purchasing power parity (PPP) exchange rates is the sum value of all goods and services produced in the country valued at prices prevailing in the United States. This is the measure most economists prefer when looking at per-capita welfare and when comparing living conditions or use of resources across countries. The measure is difficult to compute, as a US dollar value has to be assigned to all goods and services in the country regardless of whether these goods and services have a direct equivalent in the United States (for example, the value of an ox-cart or non-US military equipment); as a result, PPP estimates for some countries are based on a small and sometimes different set of goods and services. In addition, many countries do not formally participate in the World Bank's PPP project that calculates these measures, so the resulting GDP estimates for these countries may lack precision. For many developing countries, PPP-based GDP measures are multiples of the official exchange rate (OER) measure. The difference between the OER- and PPP-denominated GDP values for most of the weathly industrialized countries are generally much smaller. Figures expressed per capita for the same year.
  • GDP per capita: GDP at purchaser's prices is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. Data are in current U.S. dollars. Dollar figures for GDP are converted from domestic currencies using single year official exchange rates. For a few countries where the official exchange rate does not reflect the rate effectively applied to actual foreign exchange transactions, an alternative conversion factor is used. Figures expressed per capita for the same year.
  • Gross National Income: GNI, Atlas method (current US$). GNI (formerly GNP) is the sum of value added by all resident producers plus any product taxes (less subsidies) not included in the valuation of output plus net receipts of primary income (compensation of employees and prop).
  • Inflation rate > Consumer prices: This entry furnishes the annual percent change in consumer prices compared with the previous year's consumer prices.
  • Population below poverty line: National estimates of the percentage of the population lying below the poverty line are based on surveys of sub-groups, with the results weighted by the number of people in each group. Definitions of poverty vary considerably among nations. For example, rich nations generally employ more generous standards of poverty than poor nations.
  • Public debt: This entry records the cumulatiive total of all government borrowings less repayments that are denominated in a country's home currency. Public debt should not be confused with external debt, which reflects the foreign currency liabilities of both the private and public sector and must be financed out of foreign exchange earnings.
  • Unemployment rate: This entry contains the percent of the labor force that is without jobs. Substantial underemployment might be noted.
STAT AMOUNT DATE RANK HISTORY
Budget > Revenues $58.02 billion 2013 48th out of 223
Budget surplus > + or deficit > - -2.1% of GDP 2013 2nd out of 2
Debt > Government debt > Public debt, share of GDP 78.6 CIA 2014 28th out of 153
Exports $90.23 billion 2012 41st out of 189
GDP $125.51 billion 2012 54th out of 177
GDP > Composition, by sector of origin > Services 69.1% 2012 53th out of 189
GDP > Per capita $19,254.51 per capita 2007 45th out of 183
GDP > Per capita > PPP $19,500.00 2012 50th out of 188
GDP > Purchasing power parity per capita $18,999.96 2010 46th out of 181
GDP per capita $12,621.74 2012 51st out of 177
Gross National Income $49.16 billion 2001 43th out of 158
Inflation rate > Consumer prices 5.7% 2012 66th out of 199
Population below poverty line 14% 2012 11th out of 17
Public debt 79.3% of GDP 2012 28th out of 149
Unemployment rate 10.7% 2012 38th out of 112

SOURCES: CIA World Factbooks 18 December 2003 to 28 March 2011; CIA World Factbooks 2010, 2011, 2012, 2013; Wikipedia: List of countries by public debt (List) (Public debt , The World Factbook , United States Central Intelligence Agency , accessed on March 21, 2013.); World Bank national accounts data, and OECD National Accounts data files.; CIA World Factbook 2010, 2011, 2012, 2013; CIA World Factbooks 18 December 2003 to 28 March 2011. Population figures from World Bank: (1) United Nations Population Division. World Population Prospects, (2) United Nations Statistical Division. Population and Vital Statistics Report (various years), (3) Census reports and other statistical publications from national statistical offices, (4) Eurostat: Demographic Statistics, (5) Secretariat of the Pacific Community: Statistics and Demography Programme, and (6) U.S. Census Bureau: International Database.; World Bank national accounts data, and OECD National Accounts data files. Population figures from World Bank: (1) United Nations Population Division. World Population Prospects, (2) United Nations Statistical Division. Population and Vital Statistics Report (various years), (3) Census reports and other statistical publications from national statistical offices, (4) Eurostat: Demographic Statistics, (5) Secretariat of the Pacific Community: Statistics and Demography Programme, and (6) U.S. Census Bureau: International Database.; CIA World Factbooks 18 December 2003 to 28 March 2011

Citation

NationMaster

Hungary Economy Profiles (Subcategories)

Adjusted savings 3 International tourism 14
Aid 7 Investment 3
Balance of payments 28 Labor force 3
Bank and trade-related lending 4 Long-term debt 4
Budget 10 Market capitalization of listed companies 4
Business 4 Merchandise 4
Changes in net 4 Merchandise imports 4
Commercial service 4 National accounts 104
Commercial service imports 4 Natural gas 8
Companies 39 Net capital account 4
Consumption 10 Net current transfers 4
Currency 16 Net current transfers from abroad 6
Current account balance 5 Net errors and omissions 4
Current transfers 4 Net financial flows 16
Debt 70 Net income 4
Economic aid 3 Net income from abroad 6
Economic growth 8 Net incurrence of liabilities 3
Economic structure 4 Net trade in goods 4
Electricity 8 Net trade in goods and services 4
Entrepreneurship 12 Official development assistance and official aid 4
Exports 3 Oil 10
External balance on goods and services 7 Portfolio investment 12
External debt 7 Poverty 17
Final 20 Poverty and inequality 14
Financial sector 35 Private investment 3
Foreign aid 36 Private nonguaranteed debt 4
Foreign direct investment 14 Productivity 3
GDP 42 Public and publicly guaranteed debt service 6
GDP growth 3 Public and publicly guaranteed (PPG) debt 3
GDP per capita 4 Public expenditure 4
GNI 12 Purchasing power parity 11
Goods 4 Reserves 6
Goods imports 4 Retail 3
Government 14 Royalty and license fees 8
Government debt 8 Savings 44
Government deficits and debt 4 Service 4
Government spending 5 Service imports 4
Gross capital formation 10 Services 10
Gross domestic savings 6 Spending 73
Gross fixed capital formation 10 Stock of direct foreign investment 6
Gross national expenditure 9 Stocks traded 5
Gross savings 6 Tax 79
Gross value added at factor cost 9 Taxes 3
High-technology 4 Total 9
Household final 23 Total debt service 6
IBRD loans and IDA credits 4 Tourism 21
Income 24 Tourism expenditures 5
Income distribution 4 Tourism receipts 5
Income payments 4 Tourist arrivals by region of origin 6
Income receipts 4 Trade 1608
Inequality 13 Trademark applications 4
Inflation 10 Use of IMF credit 4
Innovation 32 Welfare 5
Interest payments 3
  • Hungary ranked first for inflation rate > consumer prices amongst European Union in 2012.
  • Hungary ranked first for GDP > purchasing power parity per capita amongst Emerging markets in 2010.
  • Hungary ranked #5 for GDP amongst Landlocked countries in 2012.
  • Hungary ranked first for tax > GDP > constant LCU amongst Europe in 2012.
  • Hungary ranked 5th last for GDP per capita amongst NATO countries in 2012.
  • Hungary ranked #7 for GDP > composition by sector > industry amongst Heavily indebted countries in 2012.
  • Hungary ranked first for tax > GDP per capita > constant LCU amongst Eastern Europe in 2012.
  • Hungary ranked #19 for exports amongst Christian countries in 2012.

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