Country Summary: Hungary
Country Name: Hungary
Capital: Budapest
Government Type: parliamentary republic
Background: 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.
Continent: Europe
Population: 9,670,009 (2023 est.)
Ethnic Groups: Hungarian 85.6%, Romani 3.2%, German 1.9%, other 2.6%, unspecified 14.1% (2011 est.)
note: percentages add up to more than 100% because respondents were able to identify more than one ethnic group; Romani populations are usually underestimated in official statistics and may represent 5–10% of Hungary's population
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.)
Religions: Catholic 30.1% (Roman Catholic 27.5%, Greek Catholic 1.7%, other Catholic 0.9%), Calvinist 9.8%, Lutheran 1.8%, other Christian (includes Orthodox) 1.6%, other 0.4%, none 16.1%, no answer 40.1% (2022 est.)
Economic Overview: high-income EU and OECD economy; decreasing government spending; increasing judicial independence concerns; flat income taxation; increasingly dependent on energy imports; strong tourism and automotive manufacturing
Currency: Hungarian Forint (HUF)
Reserves of Foreign Exchange & Gold: $41.219 billion (2022 est.) note: holdings of gold (year-end prices)/foreign exchange/special drawing rights in current dollars
Real GDP (Purchasing Power Parity): $340.947 billion (2022 est.) note: data in 2017 dollars
Real GDP Growth Rate: 4.55% (2022 est.) note: annual GDP % growth based on constant local currency
Real GDP per Capita: $35,400 (2022 est.) $177.337 billion (2022 est.)
Exports:
$161.761 billion (2022 est.) note: balance of payments - exports of goods and services in current dollars
Comparison Ranking: 38
Export Commodities: cars and vehicle parts, electric batteries, video displays, packaged medicines, spark-ignition engines, broadcasting equipment (2021)
Export Partners: Germany 27%, Romania 5%, Italy 5%, Slovakia 5% (2019)
Imports:
$169.199 billion (2022 est.) note: balance of payments - imports of goods and services in current dollars
Comparison Ranking: 35
Import Commodities: cars and vehicle parts, integrated circuits, packaged medicines, broadcasting equipment, crude petroleum (2019)
Import Partners: Germany 25%, China 6%, Poland 6%, Austria 6%, Czechia 5%, Slovakia 5%, Italy 5%, Netherlands 5% (2019)
Natural Resources: bauxite, coal, natural gas, fertile soils, arable land
Agricultural Products: maize, wheat, milk, sunflower seed, barley, rapeseed, sugar beets, apples, pork, grapes
Industries: mining, metallurgy, construction materials, processed foods, textiles, chemicals (especially pharmaceuticals), motor vehicles
Industrial Production Growth Rate:
2.06% (2022 est.) note: annual % change in industrial value added based on constant local currency
Comparison Ranking: 128
Labor Force: 4.984 million (2022 est.)
Unemployment Rate: 3.61% (2022 est.) note: % of labor force seeking employment
Geography:
Total: 93,028 sq km
Land: 89,608 sq km
Water: 3,420 sq km
(Country Summary, The World Factbook, CIA.gov)
LEGAL, FINANCIAL, & TAX ADVICE DISCLAIMER: The information on SportsLifeMoney’s™ (“SLM”) websites, podcast network, videos, social media accounts, and other platforms (collectively, “SLM Platforms”) is strictly and solely provided for educational and informational purposes only. All of the information and materials on the aforementioned SLM Platforms do not constitute and are not intended to provide legal, financial, accounting, or tax advice, and should not be relied on in that respect. SLM recommends that you consult with an attorney, certified financial advisor, or licensed accountant to answer any legal, financial, or tax questions you may have. SLM also recommends that you consult with an attorney, certified financial advisor, or licensed accountant before making any legal, financial, or tax-related decisions based on content and/or subject matter included and/or discussed on any of the SLM Platforms. Before you act or rely on any information you have heard, read, viewed, and/or listened to on any of the SLM Platforms or communication mediums, SLM recommends that you confirm any and all facts that are important to your decision and that you subsequently consult with an appropriate professional (e.g., attorney, certified financial advisor, certified accountant, etc.) and have them review these facts and also confirm their validity. CAUTION: IF YOU RELY ON ANY INFORMATION, CONTENT, PRODUCT, OR SERVICE FROM ANY OF THE SLM PLATFORMS, YOU DO SO AT YOUR OWN RISK. YOU UNDERSTAND THAT YOU ARE SOLELY RESPONSIBLE FOR ANY AND ALL DAMAGES OR LOSS THAT YOU MAY INCUR THAT RESULTS FROM YOUR USE AND/OR RELIANCE OF ANY OF THE SLM PLATFORMS OR ANY OF THE CONTENT OR MATERIAL OTHERWISE PROVIDED ON ANY OF THESE SLM PLATFORMS. SLM AND ANY AND ALL OF ITS AFFILIATES MAKE NO IMPLIED OR EXPRESS REPRESENTATIONS OR IMPLIED OR EXPRESS WARRANTIES OF ANY KIND REGARDING ANY AND ALL INFORMATION ON ANY OF THE SLM PLATFORMS OR SLM’S AFFILIATE PLATFORMS. SLM AND ITS AFFILIATES WILL NOT BE HELD LIABLE FOR ANY DAMAGES. By continuing to use any of the SLM Platforms, you acknowledge and agree to the aforementioned terms and conditions of this disclaimer and any and all other legally binding terms and conditions set forth in SLM’s Privacy Policy, Terms & Conditions, and other legally binding agreements.
