Hungary


Hungary Country Report: GDP data and GDP forecasts; economic, financial and trade information; the best banks in Hungary; country and population overview

DATA ON GDP AND ECONOMIC INFORMATION
Central bankMagyar Nemzeti Bank
International ReservesUS$ 52.342 billion (Source: IMF; Data updated: November 2011)
Gross Domestic Product - GDPUS$ 133.677 billion (2009 estimate)
GDP (Purchasing Power Parity)194.974 billion of International dollars (2009 estimate)
Real GDP growth
20002001200220032004200520062007
4.9%4.1%4.4%4.3%4.9%3.5%4%1%
2008200920102011*
0.6%-6.7%1.2%2.8%

*Estimate

GDP per capita - current pricesUS$ 13,370 (2009 estimate)
GDP per capita - PPP$19,501 International Dollars (2009 estimate)
GDP (PPP) - share of world total
19801990200020102015**
0.48%0.39%0.29%0.25%0.24%

**Forecast

GDP - composition by sector
  • agriculture: 2.8% 
  • industry: 34.7% 
  • services: 62.5% (2009 estimate)

    • (Data released on November 2010)

Gross domestic expenditure on R&D (% of GDP)1% (2008)

(Data released on November 2010)

Inflation
2008200920102011*
6.1%(2008)4.2%4.9%4.1%

*Estimate

Unemployment rate
2008200920102011*
8%10.1%11.2%(2009)11.5%

*Estimate

Household saving rates5.2% (Net saving; 2011 forecast)

(Data released on November 2010)

Public debt (General government gross debt as a % of GDP)
20072008200920102011*
65.8%72.9%78.4%80.4%76.6%

*Estimate

Public deficit (General government net lending/borrowing as a % of GDP)
2007200820092010*2011**
-5%-3.7%-4.1%-4.2%-4.5%

*Estimate    **Forecast

Government bond ratings

Standard & Poor's: BBB-/Negative/A-3

Moody's rating: Baa1

Moody's outlook: RUR-

(Foreign Currency Government Bond Ratings; Data last updated Nov 2010)

Market value of publicly traded shares
200720082009
US$47.651 billionUS$18.579 billionUS$28.288 billion
Largest companies in HungaryMOL (Oil & Gas Operations), OTP Bank (Regional Banks)
(2011)
DATA ON TRADE AND COMPETITIVENESS
Current account balanceUS$ 1.9 billion (2010 estimate)(After 2008)
Current account balance by percentage of GDP1.5% of GDP (2009 estimate)(2009)
Exports as percent of GDP

(Exports of goods and services)

81.4% (2008)

(Data released on December 2010)

Shares in world total merchandising export0.63%(2007)

(Data were released in Nov 2011 and refer to 2010)

Shares in world total commercial services export0.51%(2007)

(Data were released in Nov 2011 and refer to 2010)

Total exportsUS$93.74 billion f.o.b. (2010 estimate)
Export commoditiesmachinery and equipment 61.1%, other manufactures 28.7%, food products 6.5%, raw materials 2%, fuels and electricity 1.6% (2003)
Total importsUS$107.5 billion f.o.b. (2008 estimate)
Import commoditiesmachinery and equipment 51.6%, other manufactures 35.7%, fuels and electricity 7.7%, food products 3.1%, raw materials 2.0% (2003)
Exports - major partnersGermany 28.1%, Italy 5.6%, France 4.7%, Austria 4.6%, Romania 4.5%, UK 4.5%, Slovakia 4.2%, Poland 4.2% (2007)
Imports - major partnersGermany 26.6%, China 7.8%, Russia 6.9%, Austria 6.1%, Italy 4.5%, France 4.3%, Netherlands 4.3% (2007)
FDI inflows
200820092010
US$7,384 millionUS$2,045 million(2009)US$2,377 million(2009)
FDI outflows
200820092010
US$3,111 millionUS$2,699 millionUS$1,546 million
Value of cross-border M&A, by country of purchaser
2008200920102011
US$41 millionUS$0 million(2009)US$465 million(2009)US$17 million
Cross-border M&A deals worth over $3 billion completed in 2008

(Acquiring company, Acquired company, Country of the acquired company, Value of the deal)

N/A

(for a monthly update on M&A click here )

Cross-border M&A deals worth over $3 billion completed in 2010

(Acquiring company, Acquired company, Country of the acquired company, Value of the deal)

N/A(2008 estimate)

(for a monthly update on M&A click here )

Best countries for doing business

World Bank/IFC Doing Business Project

(Economies are ranked on their ease of doing business, from 1 – 183. A high ranking means the regulatory environment is more conducive to the starting and operation of a local firm.)

Overall ranking: 46 out of 183 countries(2009) (2010)

Subcategories:

Starting a business: 35 out of 183 countries(2009)

Registering property: 41 out of 183 countries

Paying Taxes: 109 out of 183 countries

Getting credit: 32 out of 183 countries

Protecting investors: 120 out of 183 countries

Trading across border: 73 out of 183 countries

Enforcing Contracts: 22 out of 183 countries

(2010)

Global competitiveness ranking
(ranking by country on a basis of 142, the first is the best)		48

(2011/2012)

Index of Economic Freedom

WSJ and Heritage Foundation

Ranking: 51 Score: 66.6 (Moderately Free) (2009)

(100=totally free 0=totally repressed )

COUNTRY AND POPULATION OVERVIEW
Time zoneUTC+1
Total area 93,028 km2 (2006)
CapitalBudapest (2009)
Currencyforints (HUF) (2009)
Government typeparliamentary democracy (2009)
LanguagesHungarian 93.6%, other or unspecified 6.4% (2001 census)
ReligionsRoman Catholic 51.9%, Calvinist 15.9%, Lutheran 3%, Greek Catholic 2.6%, other Christian 1%, other or unspecified 11.1%, unaffiliated 14.5% (2001 census)
Total population
1980199020002010*2015**
10.71 million10.38 million10.22 million10.01 million9.94 million

*Estimate    **Forecast

Urban population as % of total population
1960198020002009
55.9%64.2%64.6%67.9%
Population median age39.0 years (2006)
Population growth rate-0.2% (2009)
Life expectancy73 years (2007)
Adult literacy99% (2000/2007)
% of population living on less than $2 a day<2% (2011)
Inequality of wealth distribution (Gini index)

31.2 (2007)

(0=perfect equality, 100=absolute inequality)

Freedom House rating

Political Rights:1
Civil Liberties:1 (2010)

(1 represents the most free, 7 the least free)

Total telephone subscribers as % of population

150.14% (2010)

(sum of fixed telephone lines and mobile cellular subscribers)

Internet users as % of total population65.27% (Data were released in 2011 and refer to 2010)
Cost of living index

(ranking by city on a basis of 214; the 1st is the most expensive and the 214th is the least expensive)

Budapest: 113th (2011)

CO2 emissions
(Metric tons of CO2 per capita)

5.4571 (2008)

GLOBAL FINANCE RANKINGS AND AWARDS

WORLD'S BEST FOREIGN EXCHANGE BANKS

2010:
  • COUNTRY WINNERS OTP Bank (National, 2010)
2009:
  • COUNTRY WINNERS OTP Bank (National, 2009)

WORLD'S BEST TRADE FINANCE BANKS & PROVIDERS

2011:
  • COUNTRY WINNERS K&H Bank (National, 2011)
2010:
  • COUNTRY WINNERS K&H Bank (National, 2010)

WORLD'S BEST INTERNET BANKS

2011:
  • COUNTRY WINNERS / Best Corporate / Institutional Internet Banks Citi (National, 2011)
2010:
  • COUNTRY WINNERS / Best Consumer Internet Banks Citi (National, 2010)
  • COUNTRY WINNERS / Best Corporate/Institutional Internet Banks Citi (National, 2010)
2009:
  • COUNTRY WINNERS / Best Corporate/Institutional Internet Banks Citi (2009)
  • COUNTRY WINNERS / Best Consumer Internet Banks Budapest Bank Nyrt (National, 2009)

WORLD'S BEST EMERGING MARKET BANKS

2011:
  • COUNTRY WINNERS OTP Bank (National, 2011)
2010:
  • COUNTRY WINNERS OTP Bank (National, 2010)
2009:
  • COUNTRY WINNERS OTP Bank (National, 2009)

WORLD'S BEST SUB CUSTODIANS

2011:
  • COUNTRY WINNERS UniCredit (National, 2011)
2010:
  • COUNTRY WINNERS ING (National, 2010)
2009:
  • COUNTRY WINNERS RZB (2009)

CENTRAL BANKER REPORT CARD

2011:
2010:
2009:

WORLD'S BIGGEST BANKS

2010:
  • BIGGEST BANKS IN CENTRAL/EASTERN EUROPE OTP Bank (Central and Eastern Europe, 2010)

TOP 200 EMERGING MARKETS BANKS

2010:
  • OVERALL BIGGEST OTP Bank (Global, 2010)
  • OVERALL BIGGEST MKB Bank (Global, 2010)

WORLD'S BEST FOREIGN EXCHANGE PROVIDERS

2011:
  • COUNTRY WINNERS OTP Bank (National, 2011)
ARTICLES AND COUNTRIES REPORTS FROM GLOBAL FINANCE ARCHIVE