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The Country - General Information | Hungarian Chamber of Commerce

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The Country - General Information

Author: HA|

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.)

Ethnic groups: Hungarian 96.9%, Roma 1.9%, German (0.6%), Slovakian (0.2%), Croatian (0.2%), other (0.2%)

Religions: Roman Catholic 51.9%, Calvinist 15.9%, Lutheran 3%, Greek Catholic 2.6%, other Christian 1%, other or unspecified 11.1%, unaffiliated 14.5%

 

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

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.

 

Working age population: 6.2 million (2016) Update:

Working age population  - by occupation: agriculture: 7.1%, industry: 29.7%, services: 63.2%

Unemployment rate: 4.3% (Jun 2017) Update


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

Industrial production growth rate: 5.6 (Jan-June 2017) Update

 

Exports of goods: EUR 93 billion (2016) 2.9% over 2015 (CSO) Updates

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%

Imports of goods: $83.1 billion (2016), 1.5 % over 2014 (CSO) Updates

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): $267.6 billion (2016 est.)

GDP (per capita): $27.2 (2016 est.)

GDP - real growth rate: 2.0% (2016 est.)

GDP - composition by sector of origin: agriculture: 3.4%, industry: 31.8%, services: 64.7% (2016 est.)

 

Gross national saving: 25.8 % of GDP (2016 est.)

GDP - composition, by end use (2016 est.):
household consumption: 50.3%
government consumption: 20.0%
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%

 

Inflation rate (CPI): 0.1% (2016)

Current account balance: USD 5.434 billion (2016 est.)

Deficit of the general government sector: 1.7 of GDP (2016 est.)

Public debt: 74.1% of GDP (2016)

Gross foreign debt (excl. FDI, other loans): EUR 81 368 million (end 2015, NBH)

Reserves in foreign exchange and gold: $39.39 billion (2015 est. CIA Fact Book)

Stock of direct foreign investment - at home: $119.8 billion (31 December 2015 est., CIA Fact Book)

Stock of direct foreign investment - abroad: $50.3 billion (31 December 2015 est., CIA Fact Book)

 

Currency: Hungarian forint

Central Bank exchange rates on 29 Aug 2017:

EUR 1 = HUF 304,87

USD 1 = HUF 252,77

CHF 1 = HUF 267,31

GBP 1 = HUF 327,62

(for more and updates visit the Central Bank website

 

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)

 

 

Download latest updates

For a comprehensive update see:

- OECD Country Report 2016

- CIA's World Fact Book Hungary

- Economic Intelligence Unit

 

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