Hungary Nature & Economy

Location: Central Europe, northwest of Romania
Population: 9,879,000 (2014 est.)
Land Area: 93,030 km2
Capital: Budapest
Main cities: Debrecen, Miskolc, Szeged
Languages: Hungarian
GDP: $130.248 billion (2013 est.)
Monetary unit: Forint
Exports: $89.3 billion f.o.b. (2013 est.)
Exports - commodities: machinery and equipment 61.1%, other manufactures 28.7%, food products 6.5%, raw materials 2%, fuels and electricity 1.6% (2003)
Exports - partners: Germany 29.5%, Italy 5.6%, France 5%, Austria 5%, UK 4.5%, Romania 4.2%, Poland 4.1% (2006)
Imports: $81.6 billion f.o.b. (2013 est.)
Imports - commodities: machinery and equipment 51.6%, other manufactures 35.7%, fuels and electricity 7.7%, food products 3.1%, raw materials 2.0% (2003)
Imports - partners: Germany 27.1%, Russia 8.2%, China 6.9%, Austria 6.2%, France 4.7%, Italy 4.6%, Netherlands 4.3%, Poland 4.3% (2006)
Land use:
arable land: 49.58%
permanent crops: 2.06%
other: 48.36% (2005)
Natural resources: bauxite, coal, natural gas, fertile soils, arable land

Economy Overview
Hungary has made the transition from a centrally planned to a market economy, with a per capita income nearly two-thirds that of the EU-25 average. The private sector accounts for more than 80% of GDP. Foreign ownership and investment in Hungarian firms are widespread, with cumulative foreign direct investment totaling more than $60 billion since 1989. The government's IMF-mandated austerity measures, imposed since late 2006, have reduced the budget deficit from over 9% of GDP in 2006 to 3.3% in 2008. Hungary's impending inability to service its short term debt - brought on by the global credit crunch in late 2008 - led Budapest to seek and receive an IMF-arranged financial assistance package worth over $25 billion.



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