Hungary - Economy
How is the economy of Hungary? Based on the information we have, Hungary has a high-income EU and OECD economy; tightening fiscal policy in response to budget deficit; delayed EU cohesion fund disbursement due to judicial independence concerns; high inflation and low consumer confidence; seeking alternatives to dependence on Russian natural gas . Key agricultural products in this country include: wheat, maize, milk, barley, sunflower seeds, rapeseed, sugar beets, pork, grapes, apples (2022).
More about the economy of Hungary
| Labor force | 5.006 million (2023 est.) |
|---|---|
| Industrial production growth rate | -5.16% (2023 est.) |
| Industries | mining, metallurgy, construction materials, processed foods, textiles, chemicals (especially pharmaceuticals), motor vehicles |
| Population below poverty line | 12.1% (2021 est.) |
| Taxes and other revenues | 23.43% (of GDP) (2022 est.) |
| Fiscal year | |
| Exchange rates | |
| Currency | forints (HUF) per US dollar - |
| Exchange rates 2023 | 353.088 (2023 est.) |
| Exchange rates 2022 | 372.596 (2022 est.) |
| Exchange rates 2021 | 303.141 (2021 est.) |
| Exchange rates 2020 | 307.997 (2020 est.) |
| Exchange rates 2019 | 290.66 (2019 est.) |
| Reserves of foreign exchange and gold | |
| Reserves of foreign exchange and gold 2023 | $45.719 billion (2023 est.) |
| Reserves of foreign exchange and gold 2022 | $41.219 billion (2022 est.) |
| Reserves of foreign exchange and gold 2021 | $43.483 billion (2021 est.) |
| Current account balance | |
| Current account balance 2023 | $623.545 million (2023 est.) |
| Current account balance 2022 | -$14.47 billion (2022 est.) |
| Current account balance 2021 | -$7.337 billion (2021 est.) |
| Public debt | |
| Public debt 2022 | 75.53% of GDP (2022 est.) |
| Budget | |
| Revenues | $69.793 billion (2022 est.) |
| Expenditures | $75.081 billion (2022 est.) |
| Budget surplus (+) or deficit (-) | |
| Remittances | |
| Remittances 2023 | 1.7% of GDP (2023 est.) |
| Remittances 2022 | 2.2% of GDP (2022 est.) |
| Remittances 2021 | 2.1% of GDP (2021 est.) |
| Household income | |
| Lowest 10% | 3.5% (2021 est.) |
| Highest 10% | 24.1% (2021 est.) |
| Average household expenditures | |
| On food | 17.6% of household expenditures (2022 est.) |
| On alcohol and tobacco | 7.6% of household expenditures (2022 est.) |
| Imports | |
| Imports 2023 | $161.558 billion (2023 est.) |
| Imports 2022 | $167.744 billion (2022 est.) |
| Imports 2021 | $145.058 billion (2021 est.) |
| Imports (partners) | Germany 21%, China 7%, Austria 7%, Slovakia 6%, Poland 6% (2022) |
| Comodities Imports force | natural gas, vehicle parts/accessories, electricity, cars, plastic products (2022) |
| Exports | |
| Imports 2023 | $161.558 billion (2023 est.) |
| Imports 2022 | $167.744 billion (2022 est.) |
| Imports 2021 | $145.058 billion (2021 est.) |
| Exports (partners) | Germany 24%, Italy 6%, Romania 5%, Slovakia 5%, Austria 4% (2022) |
| Comodities Exports force | cars, vehicle parts/accessories, electric batteries, packaged medicine, computers (2022) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2023 | $388.906 billion (2023 est.) |
| Real GDP (purchasing power parity) 2022 | $392.468 billion (2022 est.) |
| Real GDP (purchasing power parity) 2021 | $375.268 billion (2021 est.) |
| GDP (official exchange rate) | $212.389 billion (2023 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2023 | $40,600 (2023 est.) |
| Real GDP per capita 2022 | $40,700 (2022 est.) |
| Real GDP per capita 2021 | $38,600 (2021 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 4.7% (2023 est.) |
| Industry | 24.3% (2023 est.) |
| Services | 57.6% (2023 est.) |
| GDP - composition, by end use | |
| Household consumption | 49.5% (2023 est.) |
| Government consumption | 20% (2023 est.) |
| Investment in fixed capital | 26.3% (2023 est.) |
| Investment in inventories | -1% (2023 est.) |
| Exports of goods and services | 81.2% (2023 est.) |
| Imports of goods and services | -76.1% (2023 est.) |
| Unemployment rate | |
| Unemployment rate 2023 | 4.13% (2023 est.) |
| Unemployment rate 2022 | 3.61% (2022 est.) |
| Unemployment rate 2021 | 4.05% (2021 est.) |
| Youth unemployment rate (ages 15-24) | |
| Total | 12.8% (2023 est.) |
| Male | 13.5% (2023 est.) |
| Female | 11.8% (2023 est.) |
All Important Facts about Hungary
Want to know more about Hungary? Check all different factbooks for Hungary below.
