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Hungary became a Christian kingdom in A.D. 1000 and for many centuries served as a bulwark against Ottoman Turkish expansion in Europe. The kingdom eventually became part of the polyglot Austro-Hungarian Empire, which collapsed during World War I. The country fell under communist rule following World War II. In 1956, a revolt and an announced withdrawal from the Warsaw Pact were met with a massive military intervention by Moscow. Under the leadership of Janos KADAR in 1968, Hungary began liberalizing its economy, introducing so-called "Goulash Communism." Hungary held its first multiparty elections in 1990 and initiated a free market economy. It joined NATO in 1999 and the EU five years later.


Central Europe, northwest of Romania

Natural Resources

bauxite, coal, natural gas, fertile soils, arable land

Population - distribution

a fairly even distribution throughout most of the country, with urban areas attracting larger and denser populations

Hungarian (official) 99.6%, English 16%, German 11.2%, Russian 1.6%, Romanian 1.3%, French 1.2%, other 4.2%
BUDAPEST (capital) 1.714 million (2015)
Conventional long form
Conventional short form
Local long form
Local short form
parliamentary republic
Geographic coordinates
47 30 N, 19 05 E
Time difference
UTC+1 (6 hours ahead of Washington, DC, during Standard Time)
Daylight saving time
+1hr, begins last Sunday in March; ends last Sunday in October
accepts compulsory ICJ jurisdiction with reservations; accepts ICCt jurisdiction
Hungary has transitioned from a centrally planned to a market-driven economy with a per capita income nearly two-thirds that of the EU-28 average; however, in recent years the government has become more involved in managing the economy. Budapest has implemented unorthodox economic policies to boost household consumption and has relied on EU-funded development projects to generate growth.
External debt stocks
US$ 196,739,060,000
Total tax rate (% of commercial profits)
Real Interest Rate
Manufacturing, value added (% of GDP)
Current Account Balance
US$ 6,054,446,571
Labor Force, Total
Employment in Agriculture
Employment in Industry
Employment in Services
Unemployment Rate
Imports of goods and services
US$ 102,203,514,214
Exports of goods and services
US$ 115,026,682,217
Total Merchandise Trade
FDI, net inflows
US$ -9,039,143,270
Commercial Service Exports
US$ 23,339,012,542
wheat, corn, sunflower seed, potatoes, sugar beets; pigs, cattle, poultry, dairy products
mining, metallurgy, construction materials, processed foods, textiles, chemicals (especially pharmaceuticals), motor vehicles
machinery and equipment 53.4%, other manufactures 31.2%, food products 8.4%, raw materials 3.4%, fuels and electricity 3.9% (2012 est.)
Germany 28%, Romania 5.4%, Slovakia 5.1%, Austria 5%, Italy 4.8%, France 4.7%, UK 4%, Czech Republic 4% (2015)
machinery and equipment 45.4%, other manufactures 34.3%, fuels and electricity 12.6%, food products 5.3%, raw materials 2.5% (2012)
Germany 25.8%, China 6.7%, Austria 6.6%, Poland 5.5%, Slovakia 5.3%, France 5%, Czech Republic 4.8%, Netherlands 4.6%, Italy 4.5% (2015)
Country Risk Rating
A somewhat shaky political and economic outlook and a relatively volatile business environment can affect corporate payment behavior. Corporate default probability is still acceptable on average.
Business Climate Rating
The business environment is relatively good. Although not always available, corporate financial information is usually reliable. Debt collection and the institutional framework may have some shortcomings. Intercompany transactions may run into occasional difficulties in the otherwise secure environments rated A3.
  • Trade surplus
  • Low corporate tax
  • Diversified economy
  • Skilled workforce
  • Inclusion in the European production chain
  • Good payment behavior
  • Aging population and low participation rate to active population
  • Education and training gaps
  • Little room for maneuver on budget
  • High external debt (more than 80% of GDP) and exposure to exchange rate risk
  • Weak banking sector
  • Energy dependency: 50% of needs imported, 40% from Russia alone
  • Insufficient innovation and R&D
  • Regional disparities and lack of mobility

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