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General information about Hungary

Location: East-Central Europe

Official name: Republic of Hungary

Head of State: János Áder

Head of Government: Dr. Viktor Orbán

 

Area: 93,030 km2

Capital: Budapest

Largest towns: Debrecen, Miskolc, Szeged, Pécs, Győr, Székesfehérvár

Time zone: GMT + 1 hour

Population: 9,919,128 (July 2014, est.)

Climate: temperate; cold, cloudy, humid winters; warm summers

Currency: Hungarian forint

 

Geography: landlocked; strategic location astride main land routes between Western Europe and Balkan Peninsula as well as between Ukraine and Mediterranean basin; the north-south flowing Duna (Danube) and Tisza Rivers divide the country into three large regions.

Terrain: mostly flat to rolling plains; hills and low mountains on the Slovakian border. Highest point: Kékes (1,014 meters). Lowest point: Tisza River 78 m. Main rivers and lakes: Danube, Tisza, Lake Balaton, Lake Velence.

 

Natural resources: bauxite, coal, natural gas, fertile soils, arable land

Land use: arable land: 49.58%, permanent crops: 2.06%, other: 48.36%

Irrigated land: 2,300 sq km

 

Environment: large ongoing investments to upgrade Hungary's standards in waste management, energy efficiency, and air, soil, and water pollution to meet EU requirements.

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

Industries: metallurgy, construction materials, processed foods, textiles, chemicals (especially pharmaceuticals), motor vehicles, IT, electronics, software

 

Commodities: machinery and equipment 53.5%, other manufactures 31.2%, food products 8.7%, raw materials 3.4%, fuels and electricity 3.9.

Main partners: Germany 25.6%, Italy 4.6%, Romania 6.4%, Austria 5.8%, Slovakia 5.9%, France 4.6%, UK 4.2%

Commodities: machinery and equipment 45.4%, other manufactures 34.3%, fuels and electricity 12.6%, food products 5.3%, raw materials 2.5%.

Main partners: Germany 25.1%, Russia 8.8%, Austria 6.9%, China 14.6%, Slovakia 5.6, Italy 5.2%, Poland 4.7%, Netherlands 4.1%

 

GDP (purchasing power parity): $289.6 billion (2017 est.)
GDP (per capita): $29,600 (2017 est.)
GDP - real growth rate: 4.9% (2018 est.)
GDP - composition by sector of origin: agriculture: 3.9%, industry: 31.3%, services: 64.8% (2017 est.)
Gross national saving: 25.7 % of GDP (2017 est.)

 

GDP - composition, by end use (2017 est.):

household consumption: 49.6%
government consumption: 20%
investment in fixed capital: 21.6%
investment in inventories: -1%
exports of goods and services: 90.2%
imports of goods and services: -82.4%

 

Inflation rate (CPI): 2.8% (2018 est.)
Current account balance: USD $6.339 billion (2017 est.)
Deficit of the general government sector: -2.2 of GDP (2018 est.)
Public debt: 73.9% of GDP (2017 est.)
Gross foreign debt (excl. FDI, other loans): EUR 81 368 million (end 2015, NBH)
Reserves in foreign exchange and gold: $27.02 billion (31 December 2017 est.)
Stock of direct foreign investment - at home: $302.9 billion (31 December 2017 est.)
Stock of direct foreign investment - abroad: $225.3 billion (31 December 2017 est.)

 

Public holidays:

 

• 1st January (New Year)
• 15th March (anniversary of the 1848/49 revolution and war of independence)
• 1st May (Labour Day)
• 20th August (foundation of the Hungarian statehood)
• 23rd October (anniversary of the 1956 revolution and war of independence)
• 25-26th December (Christmas)
• Easter Sunday and Monday
• Whit Sunday and Monday
• 1st November (All Hallows' Day)

 

For a comprehensive update see:

- Hungary - Economic forecast summary (November 2017)
- CIA's World Fact Book Hungary
- Economic Intelligence Unit

 

Sources: CIA Factbook, Central Statistical Office, Hungarain National Bank