Includes Hungary real Gross Domestic Product growth rate, with latest forecasts and historical data, GDP per capita, GDP composition and breakdown by sector.
Browse additional economic indicators and data sets, selected by Global Finance editors, to learn more about Hungary economic outlook, debt to GDP ratio, international trade performance and population trends. Rankings of Hungary best banks and safest banks are also available.
Basic Information
Government Type: Parliamentary republic
Capital City: Budapest
GDP & Economic Information
Macroeconomy & Sovereign Data
Central Bank | Magyar Nemzeti Bank (Central Bank of Hungary) |
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Currency | Forints (HUF) |
International Reserves |
USD 43.47 billion (2021) International Monetary Fund (IMF), data retrieved January 2022 |
Gross Domestic Product – GDP |
USD 180.96 billion (2021 estimate) IMF – World Economic Outlook, October 2021 |
GDP (Purchasing Power Parity) |
USD 359.90 billion (2021 estimate) IMF – World Economic Outlook, October 2021 |
GDP Data
Real GDP growth |
2017 4.3% 2018 5.4% 2019 4.6% 2020* –5.0% 2021* 7.6% *Estimate |
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GDP per capita – current prices |
USD 18,527.59 (2021 estimate) IMF – World Economic Outlook, October 202 |
GDP per capita – PPP |
USD 36,848.64 (2021 estimate) IMF – World Economic Outlook, October 2021 |
GDP (PPP) – share of world total | 0.25% (2021 estimate) |
GDP – composition by sector |
agriculture: 3.5% industry: 25.2% services: 55.8% (2018 estimate) |
Gross domestic expenditure on R&D; (% of GDP) |
1.5% (2019) OECD, retrieved January 2022 |
Inflation |
2017 2.4% 2018 2.8% 2019 3.4% 2020* 3.3% 2021* 4.5% *Estimate |
Hungary
Inflation & Debt
Inflation |
2017 2.4% 2018 2.8% 2019 3.4% 2020* 3.3% 2021* 4.5% *Estimate |
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Government Bond Ratings |
Standard & Poor’s: BBB Moody’s: Baa2 Standard & Poor’s / Moody’s (January 2022) |
Unemployment rate |
2017 4.0% 2018 3.6% 2019 3.3% 2020* 4.1% 2021* 4.1% *Estimate |
Household saving rates | 10.5% (2020) |
Public debt (General government gross debt as a % of GDP) |
2017 72.2% 2018 69.1% 2019 65.5% 2020* 80.4% 2021* 76.6% *Estimate |
Public deficit (General government net lending/borrowing as a % of GDP) |
2017 0.2% 2019 0.2% 2019 0.1% 2020* –5.8% 2021* –4.6% *Estimate |
Market value of publicly traded shares | Standard & Poor’s / Moody’s (January 2022) |
Largest Companies |
OTP Bank, MOL Hungarian Oil Forbes Global 2000 (2021) |
Import/Export
Exports as percent of GDP (Exports of goods and services) |
79.5% (2020) World Bank – World Development Indicators (updated Feb 2022) |
---|---|
Shares in world total merchandising export |
0.68% (2020) United Nations Conference on Trade and Development (UNCTAD) |
Shares in world total commercial services export | 0.4% (2020) |
Total exports |
USD 123.7 billion (2020 estimate) United Nations Conference on Trade and Development (UNCTAD) |
Export commodities |
Cars and vehicle parts, packaged medicines, spark-ignition engines, video displays, broadcasting equipment (2019) CIA World Factbook |
Total imports |
USD 120.1 billion (2020 estimate) United Nations Conference on Trade and Development (UNCTAD) |
Import commodities |
Cars and vehicle parts, integrated circuits, packaged medicines, broadcasting equipment, crude petroleum (2019) CIA World Factbook |
Exports – major partners |
Germany 27%, Romania 5%, Italy 5%, Slovakia 5% (2019) CIA World Factbook |
Imports – major partners |
Germany 25%, China 6%, Poland 6%, Austria 6%, Czechia 5%, Slovakia 5%, Italy 5%, Netherlands 5% (2019) CIA World Factbook |
Competitiveness & Trade
Current account balance |
USD 1.1 billion (2021 estimate) IMF – World Economic Outlook, October 2021 |
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Current account balance by percentage of GDP |
0.6% (2021 estimate) IMF – World Economic Outlook, October 2021 |
FDI inflows |
2019 USD 6.4 billion 2020 USD 3.9 billion 2021 USD 4.2 billion |
FDI Outflows |
2019 USD 3 billion 2020 USD 2.8 billionn 2021 USD 4.3 billion |
Value of cross-border M&A, by country of purchaser | N/A |
Cross-border M&A deals worth over $3 billion completed in 2014 | N/A |
Cross-border M&A deals worth over $3 billion completed in 2015 | N/A |
Best countries for doing business |
Economies are ranked on their ease of doing business. A high ease of doing business ranking means the regulatory environment is more conducive to the starting and operation of a local firm. Overall ranking: 52 out of 190 countries Subcategories: Starting a Business: 87 out of 190 countries Dealing with Construction Permits: 108 out of 190 countries Getting Electricity: 125 out of 190 countries Registering Property: 29 out of 190 countries Getting Credit: 37 out of 190 countries Protecting Minority Investors: 97 out of 190 countries Paying Taxes: 56 out of 190 countries Trading across Borders: 1 out of 190 countries Enforcing Contracts: 25 out of 190 countries Resolving Insolvency: 66 out of 190 countries World Bank – Doing Business 2020 |
Global competitiveness ranking |
26 out of 141 (2019) World Economic Forum / Global competitiveness ranking |
Index of Economic Freedom |
Ranking: 48 / Score: 66.9 (Moderately Free) The Heritage Foundation – 2022 Index of Economic Freedom |
Population & Geographic Data
Total Area |
93,028 sq km |
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Total Population |
1990 10.4 million 2000 10.2 million 2010 10 million 2015 9.8 million 2020 9.7 million |
Urban population as % of total population |
1960 55.9% 1980 64.2% 2000 64.6% 2020 71.9% |
Population median age |
42.7 years CIA World Factbook / Population median age |
Population growth rate | -0.26% (2018 estimate) |
Life expectancy | 76.3 years (2018 estimate) |
% of population living on less than $3.10 a day | 0.7% (last available estimate, 2019) |
Inequality of wealth distribution (Gini index) | 30.0 (last available estimate, 2019) |
Freedom House rating |
Total score: 69/100 Status: Partly Free Political Rights: 26/40 Civil Liberties: 43/60 (2022) |
Total telephone subscribers as % of population |
Fixed: 30.7% Mobile: 107.0% (2020) (fixed-telephone subscribers and mobile-cellular subscribers) |
Internet users as % of total population | 84.8% (2020) |
Language & Religon
Languages | Hungarian (official) 99.6%, English 16%, German 11.2%, Russian 1.6%, Romanian 1.3%, French 1.2%, other 4.2%; note – shares sum to more than 100% because some respondents gave more than one answer on the census; Hungarian is the mother tongue of 98.9% of Hungarian speakers (2011 est.) |
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Literacy |
Total population: 99.1% Male: 99.1% Female: 99% (2015) Definition: age 15 and over can read and write |
Religions | Roman Catholic 37.2%, Calvinist 11.6%, Lutheran 2.2%, Greek Catholic 1.8%, other 1.9%, none 18.2%, no response 27.2% (2011 est.) |
World Rankings
Population | 9.7 million |
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Mercer Cost of living index | N/A |
C02 Emissions per capita |
4.7 metric tons per capita (2018) |
Global Finance Rankings & Awards: HungaryHungary
Global Finance Magazine holds several conferences and awards ceremonies throughout the year to recognize the winning financial institutions and companies in a host of categories including World’s Best Trade Finance Banks, World's Biggest Banks, World's Safest Banks, World's Best Developed & Emerging Markets Banks, World's Best Internet Banks, and World’s Best Investment Banks.
Data Sources:
IMF World Economic Outlook
UN World Population Prospects
World Inequality Report
S&P Global Ratings
Moody’s
Fitch Ratings
IMF Direction of Trade Statistics (DOTS)
UN Conference on Trade and Development (UNCTAD)
CIA The World Factbook
World Bank’s World Integrated Trade Solution
Forbes Global 2000