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Hungary

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)
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
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

Inflation & Debt

Inflation 2017 2.4%
2018 2.8%
2019 3.4%
2020* 3.3%
2021* 4.5%

*Estimate
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
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


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.)
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
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

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