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 bank Magyar Nemzeti Bank
International Reserves US$ 48.832 billion (Source: IMF; Data updated: 2012)
Gross Domestic Product - GDP US$ 129.959 billion (2011 estimate)
GDP (Purchasing Power Parity) 198.16 billion of International dollars (2011 estimate)
Real GDP growth
2001 2002 2003 2004 2005 2006 2007 2008
4.1% 4.4% 4.3% 4.9% 3.5% 4% 1% 0.9%
2009 2010 2011 2012*
-6.8% 1.3% 1.7% 0%

*Estimate

GDP per capita - current prices US$ 13,045 (2011 estimate)
GDP per capita - PPP $19,892 International Dollars (2011 estimate)
GDP (PPP) - share of world total
1980 1990 2000 2010 2015**
0.48% 0.39% 0.29% 0.25% 0.23%

**Forecast

GDP - composition by sector
  • agriculture: 2.4% 
  • industry: 37.3% 
  • services: 60.3% (2011 estimate)
  • (Data released on February 2012)

Gross domestic expenditure on R&D (% of GDP) 1.16% (2010)

(Data released on March 2012)

Inflation
2009 2010 2011 2012*
4.2%(2008) 4.9% 3.9% 5.2%

*Estimate

Unemployment rate
2009 2010 2011 2012*
10.1% 11.2% 11%(2009) 11.5%

*Estimate

Household saving rates 7.6% (Net saving; 2012 forecast)

(Data released on December 2011)

Public debt (General government gross debt as a % of GDP)
2008 2009 2010 2011 2012*
72.9% 79.7% 81.3% 80.4% 76.3%

*Estimate

Public deficit (General government net lending/borrowing as a % of GDP)
2008 2009 2010 2011* 2012**
-3.7% -4.5% -4.3% 4% -3%

*Estimate    **Forecast

Government bond ratings

Standard & Poor's: BB+

Moody's rating: Ba1

Moody's outlook: NEG

(Foreign Currency Government Bond Ratings; Data last updated Dec 2011 and Nov 2012)

Market value of publicly traded shares
2009 2010 2011
US$28.29 billion US$27.71 billion US$18.77 billion
Largest companies in Hungary MOL Hungarian Oil (Oil & Gas Operations), OTP Bank (Regional Banks) (2012)
DATA ON TRADE AND COMPETITIVENESS
Current account balance US$ 4.2 billion (2010 estimate)(After 2008)
Current account balance by percentage of GDP 3.3% of GDP (2010 estimate)(2009)
Exports as percent of GDP

(Exports of goods and services)

86.5% (2010)

(Data released on April 2012)

Shares in world total merchandising export 0.61%(2007)

(Data were released in 2012 and refer to 2011)

Shares in world total commercial services export 0.52% (2011)(2007)

(Data were released in 2012)

Total exports US$105.1 billion (2012 estimate) 
Export commodities machinery and equipment 53.5%, other manufactures 31.2%, food products 8.7%, raw materials 3.4%, fuels and electricity 3.9% (2012)
Total imports US$98.2 billion (2012 estimate) 
Import commodities machinery and equipment 44.7%, other manufactures 41.3%, fuels and electricity 5.1%, food products, raw materials 6.7%
Exports - major partners Germany 25.1%, Romania 5.7%, Austria 5.4%, Slovakia 5.4%, Italy 5%, France 4.8%, UK 4.6% (2010 estimate)
Imports - major partners Germany 24.7%, Russia 8.6%, China 8.4%, Austria 6.2%, Slovakia 4.9%, Poland 4.7%, Netherlands 4.4%, Italy 4.3% (2010 estimate)
FDI inflows
2009 2010 2011
US$2,048 million US$2,274 million(2009) US$4,698 million(2009)
FDI outflows
2009 2010 2011
US$1,984 million US$1,307 million US$4,530 million
Value of cross-border M&A, by country of purchaser
2008 2009 2010 2011
US$41 million US$0 million(2009) US$799 million(2009) US$17 million
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

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

Cross-border M&A deals worth over $3 billion completed in 2011

(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 - 185. A high ranking means the regulatory environment is more conducive to the starting and operation of a local firm.)

Overall ranking: 54 out of 185 countries(2009) (2013)

Subcategories:

Starting a business: 52 out of 185 countries(2009)

Enforcing Contracts: 16 out of 185 countries

Registering Property: 43 out of 185 countries

Getting credit: 53 out of 185 countries

Protecting investors: 128 out of 185 countries

Trading across border: 73 out of 185 countries

Paying Taxes: 118 out of 185 countries

Dealing with Construction Permits: 55 out of 185 countries

Getting Electricity: 109 out of 185 countries

Resolving Insolvency: 70 out of 185 countries

(2013)

Global competitiveness ranking
(ranking by country on a basis of 144, the first is the best)
60

(2012)

Index of Economic Freedom

WSJ and Heritage Foundation

Ranking: 49 Score: 67.1 (Moderately Free) (2009)

(100=totally free 0=totally repressed )

COUNTRY AND POPULATION OVERVIEW
Time zone UTC+1
Total area 93,028 km2 (2006)
Capital Budapest (2009)
Currency forints (HUF) (2009)
Government type parliamentary democracy (2009)
Languages Hungarian 93.6%, other or unspecified 6.4% (2001 census)
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% (2001 census)
Total population
1980 1990 2000 2012* 2017**
10.71 million 10.38 million 10.22 million 9.96 million 9.86 million

*Estimate    **Forecast

Urban population as % of total population
1960 1980 2000 2011
55.9% 64.2% 64.6% 69.4%
Population median age 40 years (2010)
Population growth rate -0.3% (2011)
Life expectancy 74 years (2010)
Adult literacy 99% (2005/2010)
% of population living on less than $2 a day <2% (2011)
Inequality of wealth distribution (Gini index)

31.18 (2007)

(Data were released in 2011, 0=perfect equality, 100=absolute inequality)

Freedom House rating

Political Rights:1
Civil Liberties:2 (2011)

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

Total telephone subscribers as % of population

146.73% (2011)

(sum of fixed telephone lines and mobile cellular subscribers)

Internet users as % of total population 59% (Data were released in 2012 and refer to 2011)
Cost of living - Mercer 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)

4.8665 (Data were released in 2012 and refer to 2009)

GLOBAL FINANCE RANKINGS AND AWARDS

WORLD'S BEST TRADE FINANCE BANKS & PROVIDERS

2013:
  • COUNTRY WINNERS OTP Bank (National, 2013)
2012:
  • COUNTRY WINNERS OTP Bank (Global, 2012)
2011:
  • COUNTRY WINNERS K&H Bank (National, 2011)
2010:
  • COUNTRY WINNERS K&H Bank (National, 2010)

WORLD'S BEST INTERNET BANKS

2012:
  • COUNTRY WINNERS / Best Corporate / Institutional Internet Banks Citi (Global, 2012)
  • COUNTRY WINNERS / Best Consumer Internet Banks OTP Bank (Global, 2012)
  • REGIONAL SUB-CATEGORY WINNERS / Best Consumer Internet Banks / Best in Mobile Banking OTP Bank (Global, 2012)
  • REGIONAL SUB-CATEGORY WINNERS / Best Consumer Internet Banks / Best in Social Media OTP Bank (Global, 2012)
  • REGIONAL WINNERS / Best Consumer Internet Banks OTP Bank (Global, 2012)
2011:
  • COUNTRY WINNERS / Best Corporate / Institutional Internet Banks Citi (National, 2011)
2010:
  • COUNTRY WINNERS / Best Consumer Internet Banks Citi (Global, 2010)
  • COUNTRY WINNERS / Best Corporate / Institutional Internet Banks Citi (Global, 2010)
2009:
  • COUNTRY WINNERS / Best Corporate / Institutional Internet Banks Citi (National, 2009)
  • COUNTRY WINNERS / Best Consumer Internet Banks Budapest Bank Nyrt (Global, 2009)

WORLD'S BEST EMERGING MARKET BANKS

2012:
  • COUNTRY WINNERS OTP Bank (Global, 2012)
2011:
  • COUNTRY WINNERS OTP Bank (Global, 2011)
2010:
  • COUNTRY WINNERS OTP Bank (Global, 2010)
2009:
  • COUNTRY WINNERS OTP Bank (András Simor, 2009)

WORLD'S BEST SUB CUSTODIANS

2012:
  • COUNTRY WINNERS UniCredit Bank Hungary (Global, 2012)
2011:
  • COUNTRY WINNERS UniCredit (Asia, 2011)
2010:
  • COUNTRY WINNERS ING (National, 2010)
2009:
  • COUNTRY WINNERS RZB (Global, 2009)

CENTRAL BANKER REPORT CARD

2012:
2011:
2010:
2009:

WORLD'S BIGGEST BANKS

2010:
  • BIGGEST BANKS IN CENTRAL/EASTERN EUROPE OTP Bank (National, 2010)

TOP 200 EMERGING MARKETS BANKS

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

WORLD'S BEST FOREIGN EXCHANGE PROVIDERS

2013:
  • COUNTRY WINNERS OTP Bank (Global, 2013)
2012:
  • COUNTRY WINNERS OTP Bank (Global, 2012)
2011:
  • COUNTRY WINNERS OTP Bank (Duvvuri Subbarao, 2011)
2010:
  • COUNTRY WINNERS OTP Bank (Duvvuri Subbarao, 2010)
2009:
  • COUNTRY WINNERS OTP Bank (National, 2009)
ARTICLES AND COUNTRIES REPORTS FROM GLOBAL FINANCE ARCHIVE