Economy of Hungary

Economy of Hungary

Budapest, the R&D and financial center of Hungary
Currency	Hungarian forint (HUF)
Fiscal year	Calendar year
Trade organisations	European Union, OECD, AIIB and World Trade Organization
Statistics
GDP	$265.037 billion (PPP; 2016)
GDP rank	58th (PPP) / 58th (nominal)
GDP growth	+1.0% Q4 2015 (q/q) HCSO +2.9% 2015 (y/y)
GDP per capita	$26,941 (PPP; 2016) 47th (PPP; 2016)
GDP by sector	Agriculture: 3.4% Industry: 31.1% Services: 65.5% (2014)
Inflation (CPI)	0.07% (August 2015)
Base borrowing rate	0.90%
Population below poverty line	12.0% (2013 est.)
Gini coefficient	27.9 (2014)
Labour force	4.688 million Employment rate 20-64 y.: 72.5% (January 2017)
Labour force by occupation	Agriculture: 7.1% Industry: 29.7% Services: 63.2% (2011 est.)
Unemployment	4.3% (January 2017)
Average gross salary	867 € / 955 $, monthly (2016)
Average net salary	576 € / 635 $, monthly (2016)
Main industries	mining, metallurgy, construction materials, food processing, electronics, textiles, chemicals, pharmaceuticals, motor vehicles, information technology
Ease-of-doing-business rank	41st (2017)
External
Exports	$99.54 billion (2014)
Export goods	machinery and equipment 53.5%, other manufactures 31.2%, food products 8.7%, fuels and electricity 3.9%, raw materials 3.4% (2012)
Main export partners	Germany 28%  Romania 5.4%  Slovakia 5.1%  Austria 5%  Italy 4.8%  France 4.7%  United Kingdom 4%  Czech Republic 4% (2015)
Imports	$96.83 billion (2014)
Import goods	machinery and equipment 45.4%, other manufactures 34.3%, fuels and electricity 12.6%, food products 5.3%, raw materials 2.5% (2012)
Main import 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)
FDI stock	Inward: $119.8 billion (2015) Outward: $50.3 billion (2015)
Current account	+€8.1 billion (2015)
Gross external debt	$182.2 billion (2014)
Public finances
Public debt	74.7% of GDP (2015)
Budget deficit	€2,64 billion, 2.6% of GDP (2014)
Revenues	$66.28 billion (2014)
Expenses	$70.15 billion (2014)
Economic aid	$22.40 billion of EU structural funds from (2007-13) $3.72 billion of EU structural funds from (2004-06)
Credit rating	Standard & Poor's: BBB- Outlook: Stable Moody's: Baa3 Outlook: Stable Fitch: BBB- Outlook: Stable
Foreign reserves	$44.8 billion (31 December 2014 est.)
Main data source: CIA World Fact Book All values, unless otherwise stated, are in US dollars.

Hungary is an OECD high-income mixed economy with a very high human development index and a skilled labour force, with the 13th lowest income inequality in the world; furthermore it is the 14th most complex economy according to the Economic Complexity Index. The Hungarian economy is the 57th-largest economy in the world (out of 188 countries measured by IMF) with $265.037 billion annual output, and ranks 49th in the world in terms of GDP per capita measured by purchasing power parity. Hungary is an export-oriented market economy with a heavy emphasis on foreign trade; thus the country is the 35th largest export economy in the world. The country had more than $100 billion of exports in 2015, with a high trade surplus of $9.003 billion, of which 79% went to the EU and 21% was extra-EU trade. Hungary's productive capacity is more than 80% privately owned, with 39.1% overall taxation, which funds the country's welfare economy. On the expenditure side, household consumption is the main component of GDP and accounts for 50% of its total, followed by gross fixed capital formation with 22% and government expenditure with 20%.