View source for Economy of Hungary

{{Short description|none}}
{{Update|reason=The vast majority of sources and figures are ~15 years old|date=April 2025}}
{{Use dmy dates|date=August 2022}}
{{Infobox economy
| country = Hungary
| image = <gallery mode=packed-hover heights=93 style="margin:0;">
File:ING-Bank-szekhaz-P2030395-lev-1000.jpg|NN headquarters in Budapest
File:Budapest - Business district.JPG|Danube towers in Budapest'S CBD
File:Richter-Gedeon-Nyrt-P5010610.jpg|Gedeon Richter R&D centre
File:Budapest Szabadsag-ter Bank Center 0853.jpg|Budapest Stock Exchange
</gallery>
| caption = [[Budapest]], the [[R&D]] and [[financial center]] of Hungary
| image_size = 310px
| currency = [[Hungarian forint]] (HUF)
| fixed exchange = 
| year = Calendar year
| organs = [[European Union]], [[OECD]], [[AIIB]] and [[WTO]]
| group = {{plainlist|
*[[Developing country]]<ref name="devgroup">{{cite web |url=https://www.imf.org/en/Publications/WEO/weo-database/2024/April/groups-and-aggregates |title=World Economic Outlook Database Groups and Aggregates Information April 2024 |publisher=[[International Monetary Fund]] |website=IMF.org |access-date=21 April 2024}}</ref>
*[[High-income economy]]<ref>{{cite web |url=https://datahelpdesk.worldbank.org/knowledgebase/articles/906519-world-bank-country-and-lending-groups |title=World Bank Country and Lending Groups |publisher=[[World Bank]] |website=datahelpdesk.worldbank.org |access-date=29 September 2019}}</ref>}}
| population = 9,640,749 (2024)<ref>{{Cite web|url=https://www.worldometers.info/world-population/hungary-population/|title=Hungary Population (2024) – Worldometer|website=www.worldometers.info}}</ref>
| gdp = {{plainlist|
*{{increase}} $240 billion (nominal, 2025)<ref name="IMFWEOHU">{{cite web |url=https://www.imf.org/en/Publications/WEO/weo-database/2024/April/weo-report?c=944,&s=NGDP_RPCH,NGDPD,PPPGDP,NGDPDPC,PPPPC,PCPIPCH,&sy=2022&ey=2029&ssm=0&scsm=1&scc=0&ssd=1&ssc=0&sic=0&sort=country&ds=.&br=1 |title=World Economic Outlook database: April 2024 |publisher=[[International Monetary Fund]] |website=IMF.org |access-date=21 April 2024}}</ref>
*{{increase}} $460 billion ([[Purchasing Power Parity|PPP]], 2025)<ref name="IMFWEOHU"/>}}
| gdp rank = {{plainlist|
*[[List of countries by GDP (nominal)|56th (nominal, 2024)]]
*[[List of countries by GDP (PPP)|53rd (PPP, 2024)]]}}
| growth = {{plainlist|
*4.6%&nbsp;(2022)
*−0.9%&nbsp;(2023)
*2.2%&nbsp;(2024)<ref name="IMFWEOHU"/>}}
| per capita = {{plainlist|
*{{increase}} $25,128 (nominal, 2025)<ref name="IMFWEOHU"/>
*{{increase}} $48,178 (PPP, 2025)<ref name="IMFWEOHU"/>}}
| per capita rank = {{plainlist|
*[[List of countries by GDP (nominal) per capita|48th (nominal, 2024)]]
*[[List of countries by GDP (PPP) per capita|43rd (PPP, 2024)]]}}
| cpi = {{steady}} 42 out of 100 points (2023)<ref name="ti_2023">{{cite web |url=https://www.transparency.org/en/cpi/2023 |date=30 January 2024 |title=Corruption Perceptions Index |website=[[Transparency International]] |access-date=15 July 2024 |archive-date=30 January 2024 |archive-url=https://web.archive.org/web/20240130062042/https://www.transparency.org/en/cpi/2023 |url-status=live }}</ref> ([[Corruption Perceptions Index#Ranking over Time|76th]])
| sectors = {{plainlist|
*[[Primary sector of the economy|agriculture]]: 3.9%
*[[Secondary sector of the economy|industry]]: 31.3%
*[[Tertiary sector of the economy|services]]: 64.8% 
*(2017)<ref name="CIAHU">{{cite web|url=https://www.cia.gov/the-world-factbook/countries/hungary/|title=The World Factbook|publisher=[[Central Intelligence Agency]]|access-date=18 January 2019}}</ref>}}
| components = 
| inflation = {{plainlist|
*17.1% (2023)<ref name="IMFWEOHU"/>
*5.20% (2024)<ref>{{cite web |url=https://economy-finance.ec.europa.eu/economic-surveillance-eu-economies/hungary/economic-forecast-hungary_en |title=Inflation rate of Hungary, 2024 |publisher=[[European Commission]]}}</ref>}}
| bankrate = 0.90%<ref>{{cite web|url=http://www.mnb.hu/en|title=EN|website=Mnb.hu|access-date=8 October 2017}}</ref>
| poverty = {{plainlist|
*12.3% in poverty (2018)<ref>{{cite web |url=https://data.worldbank.org/indicator/SI.POV.NAHC?locations=HU |title=Poverty headcount ratio at national poverty lines (% of population) – Hungary |publisher=[[World Bank]] |website=data.worldbank.org |access-date=2 December 2021}}</ref>
*19.7% at risk of poverty or social exclusion (AROPE 2023)<ref>{{cite web |url=https://ec.europa.eu/eurostat/databrowser/view/tepsr_lm410/default/table?lang=en |title=People at risk of poverty or social exclusion |publisher=[[Eurostat]] |website=ec.europa.eu}}</ref>}}
| gini = 29.0 {{color|green|low}} (2023)<ref name=eurogini>{{cite web |url=https://ec.europa.eu/eurostat/databrowser/view/tessi190/default/table?lang=en |title=Gini coefficient of equivalised disposable income – EU-SILC survey |publisher=[[Eurostat]] |website=ec.europa.eu/eurostat}}</ref>
| hdi = {{plainlist|
*{{increase}} 0.870 {{color|darkgreen|very high}} (2025)<ref name="huhdi">{{Cite web |date=13 March 2024 |title=Human Development Report 2023/2024 |url=https://hdr.undp.org/system/files/documents/global-report-document/hdr2023-24reporten.pdf|url-status=live |archive-url=https://web.archive.org/web/20240313164319/https://hdr.undp.org/system/files/documents/global-report-document/hdr2023-24reporten.pdf |archive-date=13 March 2024 |access-date=28 April 2024 |publisher=[[United Nations Development Programme]] |language=en}}</ref> ([[List of countries by Human Development Index|47th]])
*{{increase}} 0.822 {{color|darkgreen|very high}} [[List of countries by inequality-adjusted HDI|IHDI (36th)]] (2022)<ref name="huhdi"/>}}
| labor = {{plainlist|
*4,715,000 (2020)<ref name=":0">{{cite web |url=https://ec.europa.eu/eurostat/databrowser/view/LFSI_EMP_A/default/table?lang=en |title=Employment and activity by sex and age, age group 15–64 |publisher=[[Eurostat]] |website=ec.europa.eu/eurostat |access-date=3 December 2021}}</ref>
*{{increase}} 80.7% employment rate (2023)<ref>{{cite web |url=https://ec.europa.eu/eurostat/statistics-explained/index.php?title=Employment_-_annual_statistics |title=Employment rate by sex, age group 20–64 |publisher=[[Eurostat]] |website=ec.europa.eu/eurostat |access-date=20 July 2024}}</ref>}}
| occupations = {{plainlist|
*services: 64.8%
*industry: 21.4%
*construction: 6.5%
*agriculture: 4.8%
*other: 2.7% 
*(2016)<ref>{{cite web|url=https://hipa.hu/main#why-hungary|title=About Hungary|publisher=Hungarian Investment Promotion Agency|access-date=23 May 2017}}</ref>}}
| unemployment = {{plainlist|
*7.8% (September 2021)<ref>{{cite web |url=https://appsso.eurostat.ec.europa.eu/nui/show.do?dataset=une_rt_m&lang=en |title=Unemployment by sex and age – monthly average |publisher=[[Eurostat]] |website=appsso.eurostat.ec.europa.eu |access-date=30 November 2021}}</ref>
*15.0% youth unemployment (15 to 24 year-olds; September 2021)<ref>{{cite web |title=Unemployment rate by age group |url=https://appsso.eurostat.ec.europa.eu/nui/show.do?dataset=une_rt_m&lang=en |website=appsso.eurostat.ec.europa.eu |publisher=[[Eurostat]] |access-date=30 November 2021}}</ref>}}
| average gross salary = [[List of European countries by average wage|HUF 708,300]] per month<br>(€1791; April 2025)<ref name="Hungary1">{{cite web |title=Average gross earnings amount to HUF 708,300 in April 2025, 9,8% higher than a year earlier |url= https://www.ksh.hu/gyorstajekoztatok/ker/ker2504.html |publisher=Hungarian Central Statistical Office (KSH) |website=www.ksh.hu |date=2024-06-21 |access-date=2024-06-29}}</ref>
| average net salary = [[List of European countries by average wage|HUF 486,500]] per month<br>(€1230; April 2025)<ref name="Hungary1" />
| industries = [[mining]], [[metallurgy]], [[construction materials]], [[food processing]], [[electronics]], [[textiles]], [[chemicals]], [[pharmaceuticals]], [[motor vehicle]]s, [[information technology]]
| exports = $125.75 billion (2017)<ref name="auto">{{cite web|url=http://www.ksh.hu/gyorstajekoztatok/#/en/document/kul1712|title=.In January–December 2017 The value of exports amounted to EUR 100.6 billion (HUF 31,103 billion) and that of imports to EUR 92.5 billion (HUF 28,602 billion). EUR/USD was 1,25x100.6 and 92.5.|work=[[Hungarian Central Statistical Office]]}}</ref>
| export-goods = {{plainlist|
*machinery and equipment: 53.5%
*other manufactures: 31.2%
*food products: 8.7%
*fuels and electricity: 3.9%
*raw materials: 3.4% 
*(2012)}}
| export-partners = {{plainlist|
*Germany 27.7%
*Romania 5.4%
*Italy 5.1%
*Austria 5%
*Slovakia 4.8%
*France 4.4%
*Czech Republic 4.4%
*Poland 4.3% 
*(2017)<ref name=CIAHU/>}}
| imports = $115.63 billion (2017)<ref name="auto"/>
| import-goods = {{plainlist|
*machinery and equipment: 45.4%
*other manufactures: 34.3%
*fuels and electricity: 12.6%
*food products: 5.3%
*raw materials: 2.5% 
*(2012)}}
| import-partners = {{plainlist|
*Germany 26.2%
*Austria 6.3%
*China 5.9%
*Poland 5.5%
*Slovakia 5.3%
*Netherlands 5%
*Czech Republic 4.8%
*Italy 4.7%
*France 4% 
*(2017)<ref name=CIAHU/>}}
| FDI = {{plainlist|
*$290 billion (31 December 2017 est.)<ref name=CIAHU/>
*Abroad: $212 billion (31 December 2017 est.)<ref name=CIAHU/>}}
| current account = $4.39 billion (2017 est.)<ref name=CIAHU/>
| gross external debt = $138.1 billion (31 December 2017 est.)<ref name=CIAHU/>
| debt = {{plainlist|
*66.3% of GDP (2019)<ref name="1st Notif">{{cite web |title=Euro area and EU27 government deficit both at 0.6% of GDP|url=https://ec.europa.eu/eurostat/documents/2995521/10294648/2-22042020-AP-EN.pdf |website=ec.europa.eu/eurostat |publisher=Eurostat |access-date=28 April 2020}}</ref>
*HUF 31.040 trillion (2019)<ref name="1st Notif"/>}}
| revenue = 44.0% of GDP (2019)<ref name="1st Notif"/>
| expenses = 46.1% of GDP (2019)<ref name="1st Notif"/>
| balance = {{plainlist|
*HUF 958.1 billion deficit (2019)<ref name="1st Notif"/>
*−2.0% of GDP (2019)<ref name="1st Notif"/>}}
| aid = {{plainlist|
*€25.3 billion from [[Regional policy of the European Union|European Structural and Investment Funds]] (2007–2013)<ref>{{Cite web |url=https://ec.europa.eu/regional_policy/sources/docgener/informat/country2009/hu_en.pdf |title=Archived copy |access-date=25 December 2017 |archive-url=https://web.archive.org/web/20171225203037/https://ec.europa.eu/regional_policy/sources/docgener/informat/country2009/hu_en.pdf |archive-date=25 December 2017 |url-status=live }}</ref>
*€25 billion from [[Regional policy of the European Union|European Structural and Investment Funds]] (2014–2020)<ref>{{Cite web |url=https://ec.europa.eu/regional_policy/sources/policy/what/investment-policy/esif-country-factsheet/esi_funds_country_factsheet_hu_en.pdf |title=Archived copy |access-date=25 December 2017 |archive-url=https://web.archive.org/web/20170420135423/https://ec.europa.eu/regional_policy/sources/policy/what/investment-policy/esif-country-factsheet/esi_funds_country_factsheet_hu_en.pdf |archive-date=20 April 2017 |url-status=live }}</ref>}}
| credit = {{plainlist|
*[[Standard & Poor's]]:<ref>{{cite news |title= S&P upgrades Hungary in surprise gift to PM Orban  |website=[[Reuters]] |date=16 September 2016 |url=https://www.reuters.com/article/us-hungary-ratings-s-p-idUSKCN11M20R |access-date=13 January 2017}}</ref>
*BBB
*Outlook: Stable
*[[Moody's]]:<ref name=moodys>{{cite news |title=Moody's upgrades Hungary's government bond ratings to Baa3; stable outlook |date=4 November 2016 |url=https://www.moodys.com/research/Moodys-upgrades-Hungarys-government-bond-ratings-to-Baa3-stable-outlook--PR_357338 |access-date=13 January 2017}}</ref>
*Baa3
*Outlook: Stable
*[[Fitch Group|Fitch]]:<ref>{{cite news |url=https://www.reuters.com/article/hungary-ratings-fitch/fitch-revises-hungarys-outlook-to-positive-idUSL4N1MV4HD |title=Fitch Upgrades Hungary to 'BBB'; Outlook Stable |date=10 November 2017 |access-date=23 January 2018}}</ref>
*BBB
*Outlook: Stable
*Scope:<ref>{{cite news |url=https://www.scoperatings.com/ratings-and-research/rating/EN/177979 |title=Scope affirms Hungary's credit ratings at BBB with Stable Outlook |date=8 November 2024 |access-date=9 November 2024}}</ref>
*BBB
*Outlook: Stable}}
| reserves = $28 billion (31 December 2017 est.)<ref name="CIAHU"/>
| spelling = 
}}
The '''economy of Hungary''' is a [[Developing country|developing]],<ref name="devgroup"/> [[high-income]] [[mixed economy]] that is the [[List of countries by GDP (PPP)|53rd-largest economy in the world]] (out of 188 countries measured by [[IMF]]) with $265.037 billion annual output,<ref name=imf2>{{cite web |url=http://www.imf.org/external/pubs/ft/weo/2015/01/weodata/weorept.aspx?pr.x=25&pr.y=10&sy=2016&ey=2019&scsm=1&ssd=1&sort=country&ds=.&br=1&c=944&s=NGDPD%2CNGDPDPC%2CPPPGDP%2CPPPPC&grp=0&a=|title=Hungary |publisher=International Monetary Fund |access-date=6 September 2015}}</ref> and ranks [[List of countries by GDP (PPP) per capita|41st in the world in terms of GDP per capita]] measured by [[purchasing power parity]]. [[Hungary]] has a [[List of countries by Human Development Index|very high human development index]] and a skilled [[labour force]], with the [[List of countries by income equality|22nd lowest income inequality by Gini index]] in the world. Hungary has an export-oriented [[market economy]] with a heavy emphasis on [[foreign trade]]; thus the country is the [[List of countries by exports|35th largest export economy]] in the world. The country had more than $100 billion of exports in 2015, with a high [[trade surplus]] of $9.003 billion, of which 79% went to the [[European Union]] (EU) and 21% was extra-EU trade.<ref>{{cite web |url=http://www.ksh.hu/gyorstajekoztatok/#/en/document/kul1512|title=External trade surplus was EUR 604 million in December|work=[[Hungarian Central Statistical Office]] |date=10 March 2016 |access-date=10 March 2016}}</ref> Hungary's productive capacity is more than 80% [[Private sector|privately owned]], with [[List of countries by tax revenue as percentage of GDP|39.1% overall taxation]], which funds the country's [[Welfare state|welfare economy]].{{citation needed|date=November 2024}} On the expenditure side, [[household consumption]] is the main component of [[GDP]] and accounts for 50% of its total, followed by gross fixed [[capital formation]] with 22% and [[government expenditure]] with 20%.<ref>{{cite web|url=https://www.cia.gov/library/publications/the-world-factbook/fields/2050.html#hu|title=GDP – composition, by end use|publisher=[[CIA World Factbook]]|year=2016|access-date=11 March 2016|archive-date=12 February 2018|archive-url=https://web.archive.org/web/20180212083454/https://www.cia.gov/library/publications/the-world-factbook/fields/2050.html#hu|url-status=dead}}</ref>

In 2015 Hungary attracted $119.8 billion in [[foreign direct investment|FDI]] and invested more than $50 billion abroad.<ref>{{cite web|url=https://www.cia.gov/the-world-factbook/countries/hungary/|title=Hungary|publisher=[[CIA World Factbook]]|year=2016|access-date=11 March 2016}}</ref> As of 2015, the key trading partners of Hungary were Germany, Austria, Romania, Slovakia, France, Italy, Poland and the Czech Republic.<ref>{{cite web|url=https://www.cia.gov/library/publications/the-world-factbook/fields/2050.html#hu|title=Export Partners of Hungary|publisher=[[CIA World Factbook]]|year=2016|access-date=11 March 2016|archive-date=12 February 2018|archive-url=https://web.archive.org/web/20180212083454/https://www.cia.gov/library/publications/the-world-factbook/fields/2050.html#hu|url-status=dead}}</ref> Major industries include food processing, pharmaceuticals, motor vehicles, information technology, chemicals, metallurgy, machinery, electrical goods, and tourism (in 2014 Hungary received 12.1 million international tourists).<ref>{{cite book |title=Tourism Highlights 2015 Edition|publisher=World Tourism Organization|date=10 March 2016 |doi=10.18111/9789284416899|isbn=9789284416899}}</ref> Hungary is the largest electronics producer in [[Central and Eastern Europe]]. [[Electronics]] manufacturing and research are among the main drivers of [[innovation]] and economic growth in the country. In the past 20 years Hungary has also grown into a major center for [[mobile technology]], [[information security]], and related hardware research.<ref>{{cite web|url=https://hipa.hu/en/key-sectors/electronics/|title=Electronics|publisher=HIPA|access-date=11 March 2016|url-status=dead|archive-url=https://web.archive.org/web/20160315192012/http://hipa.hu/en/key-sectors/electronics/|archive-date=15 March 2016}}</ref>
The [[employment rate]] in the economy was 68.7% in January 2017,<ref name="ksh.hu">{{cite web|url=http://www.ksh.hu/gyorstajekoztatok/#/en/document/fog1701|title=In the period of July–September 2017, the average number of employed people was 4,451 thousand, 60 thousand more than a year earlier. The employment rate of people aged 15–64 increased to 68.7%.|publisher=KSH|access-date=26 October 2017}}</ref> while the employment structure shows the characteristics of [[Post-industrial society|post-industrial economies]]. An estimated 63.2% of the employed workforce work in the service sector, industry contributed by 29.7%, while agriculture employed 7.1%. The unemployment rate was 3.8% in September–November 2017,<ref name="ReferenceA">{{cite web|url=http://www.ksh.hu/gyorstajekoztatok/#/en/document/mun1711|title=In the period of September–November 2017, the average number of unemployed people was 178 thousand, 30 thousand fewer than a year earlier, and the unemployment rate decreased by 0.7 percentage point to 3.8%|publisher=[[Hungarian Central Statistical Office]]|access-date=4 January 2018}}</ref> down from 11% during the [[Great Recession]]. Hungary is part of the [[European single market]], which represents more than 448 million consumers. Several domestic commercial policies are determined by agreements among European Union members and by EU legislation.

Large [[List of companies of Hungary|Hungarian companies]] are included in the [[BUX]], the Hungarian stock market index listed on [[Budapest Stock Exchange]]. Well-known companies include [[Graphisoft]], [[Magyar Telekom]], [[MKB Bank]], [[MOL Group]], [[Opus Global]], [[OTP Bank]], [[Rába (company)|RÁBA Automotive Group]], [[Gedeon Richter (company)|Gedeon Richter]] and [[Zwack|Zwack Unicum]]. Hungary also has a large number of specialised [[small and medium enterprise]]s, for example many automotive industry suppliers and technology [[Startup company|start ups]].<ref>{{cite web|url=http://www.startupranking.com/top/hungary|title=Top – Hungary|publisher=startupRANKING|access-date=10 March 2016}}</ref>

[[Budapest]] is the financial and business capital of Hungary. The capital is a significant economic hub, classified as an Alpha- [[world city]] in the study by the [[Globalization and World Cities Research Network]] and it is the second fastest-developing [[urban economy]] in Europe. The per capita GDP in the city increased by 2.4% and employment by 4.7% compared to the previous year, 2014.<ref>{{cite web |url=http://hungarytoday.hu/news/budapest-europes-second-fastest-developing-urban-economy-study-reveals-29576 |title=BUDAPEST EUROPE'S SECOND FASTEST-DEVELOPING URBAN ECONOMY, STUDY REVEALS – The study examines the development of the world's 300 largest urban economies, ranking them according to the pace of development. |date=2015-01-23 |publisher=Brookings Institution |access-date=2016-03-08 |archive-date=10 October 2017 |archive-url=https://web.archive.org/web/20171010075722/http://hungarytoday.hu/news/budapest-europes-second-fastest-developing-urban-economy-study-reveals-29576 |url-status=dead }}</ref><ref>{{cite web |url=http://www.lboro.ac.uk/gawc/world2008t.html |title=The World According to GaWC 2010 |date=13 April 2010 |publisher=lboro.ac.uk |access-date=2014-05-12 |archive-date=11 August 2016 |archive-url=https://web.archive.org/web/20160811203314/http://www.lboro.ac.uk/gawc/world2008t.html |url-status=dead }}</ref> On the national level, Budapest is the [[primate city|primary city]] of Hungary for business, accounting for 39% of the national income. The city had a [[gross metropolitan product]] of more than $100 billion in 2015, making it one of the largest regional economies in the [[European Union]].<ref>{{cite web |last=Istrate |first=Emilia |url=http://www.brookings.edu/research/interactives/global-metro-monitor-3 |title=Global MetroMonitor &#124; Brookings Institution |publisher=Brookings.edu |access-date=2013-06-10 |url-status=dead |archive-url=https://web.archive.org/web/20130605135349/http://www.brookings.edu/research/interactives/global-metro-monitor-3 |archive-date=5 June 2013}}</ref><ref>{{cite web|url=http://www.portfolio.hu/users/elofizetes_info.php?t=cikk&i=167708|title=Hungary's GDP (IMF, 2016 est.) is $265.037 billion x 39% = $103,36 billion|publisher=Portfolio online financial journal|access-date=2013-06-10|archive-url=https://web.archive.org/web/20160303190038/http://www.portfolio.hu/users/elofizetes_info.php?t=cikk&i=167708|archive-date=3 March 2016|url-status=dead}}</ref> Budapest is also among the top 100 GDP performing cities in the world, as measured by [[PricewaterhouseCoopers]]. In a global city competitiveness ranking by the [[Economist Intelligence Unit]], Budapest is ranked above [[Tel Aviv]], [[Lisbon]], [[Moscow]] and [[Johannesburg]], among others.<ref>{{cite web|url=http://www.economistinsights.com/sites/default/files/downloads/Hot%20Spots.pdf |title=Benchmarking global city competitiveness |year=2012 |publisher=Economist Intelligence Unit |access-date=12 May 2014 |url-status=dead |archive-url=https://web.archive.org/web/20140709133545/http://www.economistinsights.com/sites/default/files/downloads/Hot%20Spots.pdf |archive-date=9 July 2014}}</ref><ref>{{cite web|url=https://www.ukmediacentre.pwc.com/imagelibrary/downloadMedia.ashx?MediaDetailsID=1562 |title=ukmediacentre.pwc.com |publisher=PricewaterhouseCoopers |access-date=2014-05-12 |url-status=dead |archive-url=https://web.archive.org/web/20130531000745/http://www.ukmediacentre.pwc.com/imagelibrary/downloadMedia.ashx?MediaDetailsID=1562 |archive-date=31 May 2013}}</ref>

Hungary maintains its own currency, the [[Hungarian forint]] (HUF), although the economy fulfills the [[Maastricht criteria]] with the exception of public debt. The ratio of public debt to GDP is [[List of countries by public debt|significantly below the EU average]] at 66.4% in 2019. The [[Hungarian National Bank]] was founded in 1924, after the dissolution of the [[Austro-Hungarian Empire]]. It is currently focusing on price stability, with an inflation target of 3%.<ref>{{cite web|url=http://www.mnb.hu/en/monetary-policy|title=Monetary Policy|publisher=[[Hungarian National Bank]]|access-date=10 March 2016}}</ref>

The economy of Hungary is a high-income mixed economy, and a member of the European Union's single market. In recent years, it has become one of the faster-growing economies in the EU, transitioning towards an export-oriented market economy with a strong focus on foreign trade and investment, particularly in the automotive and electronics sectors.

According to the International Monetary Fund (IMF), Hungary's estimated annual output was $219 billion (nominal GDP) in 2024, ranking it as the 57th-largest economy in the world. In terms of GDP per capita measured by purchasing power parity (PPP), it ranked 42nd globally at approximately $47,213.<ref name="IMF_WEO_Apr20242">{{cite web |title=World Economic Outlook Database, April 2024 |url=https://www.imf.org/en/Publications/WEO/weo-database/2024/April/weo-report?c=944,&s=NGDPD,PPPGDP,NGDPDPC,PPPPC,PCPIPCH,LUR,GGXWDG_NGDP,&sy=2022&ey=2025&ssm=0&scsm=1&scc=0&ssd=1&ssc=0&sic=0&sort=country&ds=.&br=1 |access-date=19 July 2025 |publisher=International Monetary Fund}}</ref>

Hungary maintains a **very high Human Development Index**, ranking 47th in the 2023/24 report, and possesses a skilled labour force.<ref>{{cite web |title=Human Development Report 2023-24 |url=https://hdr.undp.org/data-center/country-insights#/ranks |access-date=19 July 2025 |publisher=United Nations Development Programme}}</ref> The country has one of the lowest income inequalities in the EU, with a Gini coefficient of 29.6 in 2023.<ref>{{cite web |title=Gini coefficient of equivalised disposable income - EU-SILC survey |url=https://ec.europa.eu/eurostat/databrowser/view/ilc_di12/default/table?lang=en |access-date=19 July 2025 |publisher=Eurostat}}</ref> The economy is heavily reliant on exports, primarily to other EU nations. In 2023, its goods exports reached €149.2 billion, generating a significant trade surplus of €9.8 billion.<ref>{{cite web |title=External trade in goods, December 2023 |url=https://www.ksh.hu/gyorstajekoztatok/kul/en/202312/index.html |access-date=19 July 2025 |publisher=Hungarian Central Statistical Office}}</ref> On the expenditure side, household consumption accounts for approximately 50% of GDP, followed by gross fixed capital formation (26%) and government expenditure (18%).<ref>{{cite web |title=Household consumption expenditure |url=https://www.ksh.hu/stadat_files/gdp/en/gdp0007.html |access-date=19 July 2025 |publisher=Hungarian Central Statistical Office}}</ref>

Key industries include automobile manufacturing, battery production, electronics, pharmaceuticals, and information technology. After facing the highest inflation in the EU in 2023 (averaging 17.1%), policy measures successfully brought the rate down to a forecasted 3.5% for 2025.<ref name="IMF_WEO_Apr20242" /> The unemployment rate remained low at 4.1% in early 2025, while the government debt-to-GDP ratio was projected to be around 72.0%.<ref name="IMF_WEO_Apr20242" /> Budapest, the capital, serves as the nation's primary financial and business hub.

== History of the Hungarian economy ==
[[File:GPD per capita development of Hungary.jpg|thumb|305px|right|Real GDP per capita development of Hungary]]

=== Árpád Age ===
In the age of [[feudalism]] the key economic factor was land. The new economic and social orders created private ownership of land. There are three forms of existence{{clarify|date=December 2016}}: the royal, ecclesiastical and secular private estate. The royal estate of the [[Árpád dynasty]] had evolved from the tribal lands.{{clarify|date=December 2016}}

The origin of the secular private holdings dates back to the conquest tribal common estates{{clarify|date=December 2016}}, which are increasingly in charge of the society and grows over private ownership of the becoming leaders.

However, from the founding of the state the royal gift also entered the multiplying factors secular private property line. This organization developed a feudal estate, which had two elements: the ancient estate and the possessions which were awarded by [[Saint Stephen I]], and then the royal donations. [[Béla III]] was the wealthiest European monarch of his time, according to [[Income register of Béla III of Hungary|a list of his revenues]], but the reliability of the list is questioned. Over the holder unrestricted right granted by the latter lineal heir almost returned to the king. In the Order of the laws changed in 1351, which abolished the nobility's possessions for free disposal. It forbidden the nobility to sale their inherited land.

The [[Carpathian Basin]] was more suitable for agriculture than large livestock grazing, and therefore increased steadily in the former weight. In the 11th and 12th centuries natural farming and soil changer tillage systems met: grazing the animals, and they used the fertilized land until depletion. The most important tools for the agriculture were the plow and the ox.

=== Anjou Age ===

=== Modern Age ===

[[File:Berthold Weiss Canned Foods.jpg|thumb|left|250px|The Berthold and [[Manfred Weiss Canned Food Factory]] (1880)]]
[[File:BKIK épülete.jpg|thumb|left|250px|Chamber of Commerce and Industry of Budapest, beginning of the 20th century]] 		 	
The Hungarian economy prior to [[World War II]] was primarily oriented toward agriculture and small-scale manufacturing. Hungary's strategic position in [[Europe]] and its relative high lack of natural resources also have dictated a traditional reliance on foreign trade. For instance, its largest car manufacturer, [[Magomobil]] (maker of the ''Magosix''), produced a total of a few thousand units.<ref>[[G.N. Georgano]] ''Cars: Early and Vintage, 1886–1930''. (London: Grange-Universal, 1985)</ref> In the early 1920s the textile industry began to expand rapidly, by 1928 it became the most important industry in the foreign trade of Hungary exporting textile goods worth more than 60 million pengős in that year. Companies like [[MÁVAG]] exported locomotives to [[India]] and [[South-America]], its [[MÁV Class 601|locomotive no. 601]] was the largest and most powerful in [[Europe]] at the time.

=== Post-war Hungarian communism ===

From the late 1940s, the [[Communist]] government started to nationalize the industry. At first, only factories with more than 100 workers were nationalized; later, this limit was reduced to only 10. In the agriculture, the government started a successful program of [[Collectivization in Hungary|collectivization]]. From the early 1950s, more and more new factories were built. This rapid and forced industrialization followed the standard [[Stalinist]] pattern in an effort to encourage a more self-sufficient economy. Most economic activity was conducted by state-owned enterprises or cooperatives and state farms. In 1968, [[Stalinist]] self-sufficiency was replaced by the "[[New Economic Mechanism]]", which reopened Hungary to foreign trade, gave limited freedom to the workings of the market, and allowed a limited number of small businesses to operate in the services sector.	

In this era great social progress was made, for example the population between 20 and 24 years old with less than 8 years of education decreased from 71.2% in 1949 to 4.9% in 1984, the annual consumption of meat and fish increased from 35 kilograms in 1950 to 78 in 1984, the percentage of homes with electricity increased from 46.6% in 1949 to 99% in 1984, in the same period the percentage of homes with running water increased from 17.1% to 76.6%, the number of cars per 1,000 people increased from 3 in 1960 to 122 in 1984, in the case of televisions from 10 to 276, in the case of washing machines from 45 to 317, in the case of refrigerators from 4 to 328, infant mortality (per 1,000 live births) fell from 91 in 1949 to 20.4 in 1984.<ref name="auto3">{{Cite journal |last1=Andorka |first1=Rudolf |last2=Harcsa |first2=István |date=1990 |title=Modernization in Hungary in the Long and Short Run Measured by Social Indicators |url=http://www.jstor.org/stable/27520838 |journal=Social Indicators Research |volume=23 |issue=1/2 |pages=1–199 |doi=10.1007/BF00353421 |jstor=27520838 |issn=0303-8300|url-access=subscription }}</ref>	

Per capita national income grew by 343% from 1950 to 1983 (4.6% per year), real wages by 136% and real incomes by 251% over the same period, meanwhile real value of per capita social benefits rose by 432% from 1960 to 1980.        From 1949 to 1984, Hungary's GDP grew as fast as that of countries like Spain.<ref name="auto3"/><ref>{{Cite journal |last=Bródy |first=A. |date=1995 |title=The Hungarian Gdp, as Measured by Proxies (appraisal of the Short-Cut Method of F. Jánossy) |url=https://www.jstor.org/stable/40729605 |journal=Acta Oeconomica |volume=47 |issue=1/2 |pages=69–94 |jstor=40729605 |issn=0001-6373}}</ref><ref>Escosura, L.P. (2003) : https://www.fbbva.es/wp-content/uploads/2003/09/DE_2003_LPrados_El_progreso_economico.pdf</ref>	

Also poverty was greatly reduced, although from 1962 to 1982 the price index rose by 96%, people with less than 800 forints were 55% in 1962 and after 20 years only 6.4% of those with less than 1800 forints. In 1987, inequality was minimal, with a Gini coefficient of 0.21, and poverty was the same, with a 1% poverty rate (poverty line: $120 PPP per person per month).<ref name="auto3"/><ref>Milanović, Branko (1998). ''Income, Inequality and Poverty during the Transition from Planned to Market Economy.'' Washington, D. C.: Banco Mundial http://documents1.worldbank.org/curated/en/229251468767984676/pdf/multi-page.pdf</ref>	

Although Hungary enjoyed one of the most liberal and economically advanced economies of the former [[Eastern Bloc]] even though at the end of the 1980s state employment represented 94% of the total, both agriculture and industry began to suffer from a lack of investment in the 1970s, and Hungary's net foreign debt rose significantly—from $1&nbsp;billion in 1973 to $15&nbsp;billion in 1993—due largely to consumer subsidies and unprofitable state enterprises. In the face of economic stagnation, Hungary opted to liberalize further by passing a joint venture law, instating an income tax, and joining the [[International Monetary Fund]] ([[IMF]]) and the [[World Bank]]. By 1988, Hungary had developed a [[two-tier banking system]], and had enacted significant corporate legislation that paved the way for the ambitious market-oriented reforms of the post-communist years.

===Transition to a market economy (1990–1995)===
[[File:ING-Bank-szekhaz-P2030395-lev-1000.jpg|thumb|left|ING headquarters in Budapest]]	 
After the fall of communism, the former Eastern Bloc had to transition from a one-party, centrally [[planned economy]] to a market economy with a [[multi-party political system]]. With the [[collapse of the Soviet Union]], the Eastern Bloc countries suffered a significant loss in both markets for goods, and subsidizing from the Soviet Union.<ref>{{cite web |title=Warum die UdSSR nicht in die DDR einmarschierte |date=3 October 2015 |url=https://www.welt.de/politik/deutschland/article4764352/Warum-die-UdSSR-nicht-in-die-DDR-einmarschierte.html |access-date=18 February 2020}}</ref> Hungary, for example, "lost nearly 70% of its export markets in Eastern and Central Europe." The loss of external markets in Hungary left "800,000 unemployed people because all the unprofitable and unsalvageable factories had been closed."<ref name=es>{{cite book |url=http://www.koed.hu/medit/endre.pdf |chapter=The Political and Economic Transition in Hungary |title=Medi(t)ations, (re)conciliations: Conflict Resolution and European Integration |pages=85–90 |place=Bratislava |last=Spaller |first=Endre}}</ref> Another form of Soviet subsidizing that greatly affected Hungary after the fall of communism was the loss of social welfare programs. Because of the lack of subsidies and a need to reduce expenditures, many social programs in Hungary had to be cut in an attempt to lower spending. As a result, many people in Hungary suffered incredible hardships during the transition to a market economy. Following [[privatization]] and tax reductions on Hungarian businesses, unemployment suddenly rose to 12% in 1991 (it was 1.7% in 1990 ), gradually decreasing until 2001. Economic growth, after a fall in 1991 to −11.9%, gradually grew until the end of the 1990s at an average annual rate of 4.2%. With the stabilization of the new market economy Hungary experienced growth in [[foreign direct investment|foreign investment]],<ref name="megginson01">{{cite journal |doi=10.1257/jel.39.2.321 |title=From State to Market: A Survey of Empirical Studies on Privatization |year=2001 |last1=Megginson |first1=William L. |last2=Netter |first2=Jeffry M. |journal=Journal of Economic Literature |volume=39 |issue=2 |pages=321–389 |hdl=10419/154955 |hdl-access=free}}</ref><ref name="mihalyi01">{{cite journal |doi=10.1556/AOecon.51.2000-2001.1.5 |title=Foreign Direct Investment in Hungary – the Post-Communist Privatisation Story Re-Considered |year=2001 |last1=Mihályi |first1=P. |journal=Acta Oeconomica |volume=51 |pages=107–129 |s2cid=154331929 |url=http://real.mtak.hu/47184/1/aoecon.51.2000-2001.1.5.pdf}}</ref> with a "cumulative foreign direct investment totaling more than $60&nbsp;billion since 1989."<ref>{{cite web|url=https://www.cia.gov/the-world-factbook/countries/hungary/|title=CIA – The World Factbook – Hungary|date=28 March 2023}}</ref>	

The [[Antall]] government of 1990–94 began market reforms with price and trade liberation measures, a revamped tax system, and a nascent market-based banking system. By 1994, however, the costs of government overspending and hesitant privatization had become clearly visible. Cuts in consumer subsidies led to increases in the price of food, medicine, transportation services, and energy. Reduced exports to the former Soviet bloc and shrinking industrial output contributed to a sharp decline in GDP. Unemployment rose rapidly to about 12% in 1993. The external debt burden, one of the highest in Europe, reached 250% of annual export earnings, while the budget and current account deficits approached 10% of GDP. The [[devaluation]] of the currency (in order to support exports), without effective stabilization measures, such as [[indexation]] of wages, provoked an extremely high inflation rate, that in 1991 reached 35% and slightly decreased until 1994, growing again in 1995. In March 1995, the government of Prime Minister [[Gyula Horn]] implemented an austerity program, coupled with aggressive privatization of state-owned enterprises and an export-promoting exchange raw regime, to reduce indebtedness, cut the current account deficit, and shrink public spending. By the end of 1997 the consolidated public sector deficit decreased to 4.6% of GDP—with public sector spending falling from 62% of GDP to below 50%—the current account deficit was reduced to 2% of GDP, and government debt was paid down to 94% of annual export earnings.{{citation needed|date=February 2023}}	 
[[File:Megyeri híd.jpg|220px|thumb|upright|[[Megyeri Bridge]]]]	

The Government of Hungary no longer requires IMF financial assistance and has repaid all of its debt to the fund. Consequently, Hungary enjoys favorable borrowing terms. Hungary's sovereign foreign currency debt issuance carries investment-grade ratings from all major credit-rating agencies, although recently the country was downgraded by Moody's, S&P and remains on negative outlook at Fitch. In 1995 Hungary's currency, the Forint (HUF), became convertible for all current account transactions, and subsequent to [[OECD]] membership in 1996, for almost all capital account transactions as well. Since 1995, Hungary has pegged the forint against a basket of currencies (in which the U.S. dollar is 30%), and the central rate against the basket is devalued at a preannounced rate, originally set at 0.8% per month, the Forint is now an entirely free-floating currency. The government privatization program ended on schedule in 1998: 80% of GDP is now produced by the private sector,<ref name=":0" /> and foreign owners control 70% of financial institutions, 66% of industry, 90% of telecommunications, and 50% of the trading sector.{{citation needed|date=February 2023}}		 
[[File:Kőröshegy légifotó.jpg|thumb|left|Kőröshegy Viaduct]]	

After Hungary's GDP declined about 18% from 1990 to 1993 and grew only 1%–1.5% up to 1996, strong [[export performance]] propelled GDP growth to 4.4% in 1997, with other macroeconomic indicators similarly improving. These successes allowed the government to concentrate in 1996 and 1997 on major structural reforms such as the implementation of a fully funded pension system (partly modelled after [[Chile pension system|Chile's pension system]] with major modifications), reform of higher education, and the creation of a national treasury. Remaining economic challenges include reducing fiscal deficits and inflation, maintaining stable external balances, and completing structural reforms of the tax system, health care, and local government financing. Recently, the overriding goal of Hungarian economic policy has been to prepare the country for entry into the European Union, which it joined in late 2004.	

Prior to the change of regime in 1989, 65% of Hungary's trade was with [[Comecon]] countries. By the end of 1997, Hungary had shifted much of its trade to the West. Trade with EU countries now comprises 80% of the total.<ref name=":1">{{cite book |last=Stalker |first=Peter |title=A guide to countries of the world |date=2010 |publisher=Oxford university press |isbn=978-0-19-958072-9 |series=Oxford paperback reference}}</ref> Germany is Hungary's single most important trading partner. The US has become Hungary's sixth-largest export market, while Hungary is ranked as the 72nd largest export market for the U.S. Bilateral trade between the two countries increased 46% in 1997 to more than $1&nbsp;billion. The U.S. has extended to Hungary most-favored-nation status, the Generalized System of Preferences, Overseas Private Investment Corporation insurance, and access to the [[Export-Import Bank of the United States|Export-Import Bank]].{{citation needed|date=February 2023}}	

With about $18&nbsp;billion in foreign direct investment (FDI) since 1989, Hungary has attracted over one-third of all FDI in central and eastern Europe, including the former Soviet Union. Of this, about $6&nbsp;billion came from American companies. Foreign capital is attracted by skilled and relatively inexpensive labor, tax incentives, modern infrastructure, and a good telecommunications system.{{citation needed|date=February 2023}}		

By 2006 Hungary's economic outlook had deteriorated. Wage growth had kept up with other nations in the region; however, this growth has largely been driven by increased government spending. This resulted in the budget deficit ballooning to over 10% of GDP and inflation rates predicted to exceed 6%. [[Nouriel Roubini]], an economist in the Clinton administration, said that "Hungary is an accident waiting to happen."<ref>{{Cite news|url=https://www.usatoday.com/money/world/2006-06-22-hungary-usat_x.htm|title=Hungary faces enormous economic hurdles|work=[[USA Today]]|access-date=5 December 2008|first=David J.|last=Lynch|date=23 June 2006}}</ref>

===Privatization in Hungary===
In January 1990, the State Privatization Agency (SPA, ''Állami Vagyonügynökség'') was established to manage the first steps of [[privatization]]. Because of Hungary's $21.2 billion [[foreign debt]], the government decided to sell state property instead of distributing it to the people for free.<ref name="3541privatization_in_hun">{{cite book |url=https://books.google.com/books?id=vlADbGaMluEC&pg=PA427 |title=Privatization in Hungary and its Aftermath |author=Iván Major |year=2003 |publisher=Edward Elgar Publishing |access-date=5 January 2010 |isbn=978-1-84064-613-9}}</ref> The SPA was attacked by populist groups because several companies' management had the right to find buyers and discuss sale terms with them thus "stealing" the company. Another reason for discontent was that the state offered large tax subsidies and environmental investments, which sometimes cost more than the selling price of the company. Along with the acquisition of companies, foreign investors launched many "greenfield investments".<ref name="3541privatization_in_hun"/>

The center-right [[Hungarian Democratic Forum]] government of 1990–1994 decided to abolish agricultural co-operatives by splitting them up and giving machinery and land to their former members.<ref name="3458strucutural_problems">{{cite journal |url=http://jcea.agr.hr/volumes.php?lang=en&search=Article%3A136&field=title |title=Structural Problems in Hungarian Agriculture After the Political Turnover |author1=B. Vizvári |author2=Zs. Bacsi |date=2 June 2003 |journal=[[Journal of Central European Agriculture]]|access-date=5 January 2010}}</ref> The government also introduced a Recompensation Law which offered vouchers to people who had owned land before it was nationalized in 1948. These people (or their descendants) could exchange their vouchers for land previously owned by agricultural co-operatives, who were forced to give up some of their land for this purpose.<ref name="3458strucutural_problems"/>

Small stores and retail businesses were privatized between 1990 and 1994, however, [[greenfield investment]]s by foreign retail companies like [[Tesco]], [[Cora (hypermarket)|Cora]] and [[IKEA]] had a much bigger economic impact.<ref name="3541privatization_in_hun"/> Many public utilities, including the national telecommunications company [[Matáv]], the national oil and gas conglomerate [[MOL Group]], and electricity supply and production company [[MVM Group]] were privatized as well.<ref name="4991privatisation_in_hun">{{cite web |url=http://www.nao.org.uk/nao/intosai/wgap/8thmeeting/hungary2chpt4.pdf |title=Privatisation in Hungary (1990–2000) |author=Árpád Kovács |access-date=5 January 2010 |url-status=dead |archive-url=https://web.archive.org/web/20110607035214/http://www.nao.org.uk/nao/intosai/wgap/8thmeeting/hungary2chpt4.pdf |archive-date=7 June 2011}}</ref>

Though most banks were sold to foreign investors, the largest bank, [[OTP Bank|National Savings Bank (OTP)]], remained Hungarian-owned. 20%–20% of the shares were sold to foreign institutional investors and given to the Social Security organizations, 5% were bought by employees, and 8% was offered at the [[Budapest Stock Exchange]].<ref name="5955political_economy_of">{{cite web |url=http://www.sml.hw.ac.uk/cert/wpa/1996/dp9613.pdf |title=Political Economy of Privatization in Hungary: A Progress Report |author1=Anna Canning |author2=Paul Hare |publisher=Department of Economics, Heriot-Watt University |location=Edinburgh |access-date=5 January 2010 |url-status=dead |archive-url=https://web.archive.org/web/20111003090300/http://www.sml.hw.ac.uk/cert/wpa/1996/dp9613.pdf |archive-date=3 October 2011}}</ref>

===Hungary's economy since 1995===
{{update|section|GDP charts only go to 2010|date=July 2022}}
[[File:Gdp inflation activepopulation hungary.png|thumb|right|180px|alt=Chart showing GDP growth, inflation, and active population in Hungary 1990–2010.|GDP growth, inflation, and active population in Hungary 1990–2010]]
[[File:Gdppercapita hungary.png|thumb|right|180px|alt=Chart showing GDP per capita in USD at 2000 market prices in Hungary 1991–2010.|GDP per capita in USD at 2000 market prices in Hungary 1991–2010]]
[[File:EXCEL 2020-09-14 20-16-50.png|alt=General government gross debt in the Czech Republic, Poland, Hungary, Romania, Slovakia, EU27, and the Euro zone.|thumb|180x180px|General government gross debt in Hungary amongst other countries and the EU]]
Reaching 1995, Hungary's fiscal indices deteriorated: foreign investment fell as well as judgement of foreign analysts on economic outlook.<ref name="bokrosinterview">{{cite web|url=http://www.worldbank.org/html/prddr/trans/MayJune95/pgs12-15.htm|title=Hungarian Finance Minister Lajos Bokros Explains His Package|publisher=The World Bank|access-date=12 November 2009|archive-date=29 June 2011|archive-url=https://web.archive.org/web/20110629010306/http://www.worldbank.org/html/prddr/trans/MayJune95/pgs12-15.htm|url-status=dead}}</ref> Due to high demand in import goods, Hungary also had a high trade deficit<ref name="exttrade">{{cite web|url=http://portal.ksh.hu/pls/ksh/docs/eng/xstadat/xstadat_annual/tabl3_05_02ie.html |title=External trade by groups of countries in HUF (1991–2003) |publisher=KSH |access-date=12 November 2009}} {{dead link|date=June 2016|bot=medic}}{{cbignore|bot=medic}}</ref> and budget gap, and it could not reach an agreement with the [[IMF]], either.<ref name="bokrosinterview"/><ref name="vg_hu">{{cite web|url=http://vg.hu/gazdasag/vg_online/gazdasag_-_belfold/081215_bokros_252890|title=Viták kereszttüzében: a Bokros-csomag (The Bokros Package in the Crossfire)|publisher=Világgazdaság Online|language=hu|date=15 December 2008|access-date=12 November 2009|url-status=dead|archive-url=https://web.archive.org/web/20100316135826/http://www.vg.hu/gazdasag/vg_online/gazdasag_-_belfold/081215_bokros_252890|archive-date=16 March 2010}}</ref>
After not having a [[minister of finance]] for more than a month, prime minister [[Gyula Horn]] appointed [[Lajos Bokros]] as Finance Minister on 1 March 1995. He introduced a string of austerity measures (the "[[Bokros package|Bokros Package]]") on 12 March 1995 which had the following key points: one-time 9% devaluation of the forint, introducing a constant sliding devaluation, 8% additional customs duty on all goods except for energy sources, limitation of growth of wages in the public sector, simplified and accelerated privatization. The package also included welfare cutbacks, including abolition of free higher education and dental service; reduced family allowances, child-care benefits, and maternity payments depending on income and wealth; lowering subsidies of pharmaceuticals, and raising retirement age.

These reforms not only increased investor confidence,<ref name="usgovcikk">{{cite web|url=https://2009-2017.state.gov/r/pa/ei/bgn/26566.htm|title=Background Note: Hungary|publisher=Bureau of Public Affairs: Electronic Information and Publications Office|date=June 2009|access-date=12 November 2009}}</ref> but they were also supported by the IMF and the World Bank,<ref name="konyv">{{cite book|url=https://books.google.com/books?id=n3cBtQz7A4MC&q=protest%20against%20bokros%201995&pg=PA98
|title=Privatizing pensions: the transnational campaign for social security reform|author=Mitchell A. Orenstein|publisher=Princeton University Press|year=2008|access-date=12 November 2009|isbn=978-0-691-13697-4}}</ref> however, they were not welcome widely by the Hungarians; Bokros broke the negative record of popularity: 9% of the population wanted to see him in an "important political position"<ref name="median_bokros">{{cite web|url=http://www.median.hu/object.289bbab9-6e1c-4b75-a62d-cb90550284be.ivy|title=Romló közhangulat, stabilizálódó Fidesz-előny (Deteriorating Public Morale, Fidesz's Advantage Stabilizing|publisher=Medián|language=hu|date=14 February 2007|access-date=12 November 2009|archive-date=16 February 2007|archive-url=https://web.archive.org/web/20070216025712/http://www.median.hu/object.289bbab9-6e1c-4b75-a62d-cb90550284be.ivy|url-status=dead}}</ref> and only 4% were convinced that the reforms would "improve the country's finances in a big way"<ref name="bokrosinterview"/>

In 1996, the Ministry of Finance introduced a new pension system instead of the fully state-backed one: private pension savings accounts were introduced, which were 50% social security based and 50% funded.<ref name="konyv"/>

In 2006 Prime Minister [[Ferenc Gyurcsány]] was reelected on a platform promising economic "reform without austerity".
However, after the elections in April 2006, the Socialist coalition under Gyurcsány unveiled a package of austerity measures which were designed to reduce the budget deficit to 3% of GDP by 2008.<ref name=":2">{{Cite book |last=Inc |first=IBP |url=https://books.google.com/books?id=vU-qCwAAQBAJ&dq=In+2006+Prime+Minister+Ferenc+Gyurcs%C3%A1ny+was+reelected+on+a+platform+promising+economic+%22reform+without+austerity%22.+However%2C+after+the+elections+in+April+2006%2C+the+Socialist+coalition+under+Gyurcs%C3%A1ny+unveiled+a+package+of+austerity+measures+which+were+designed+to+reduce+the+budget+deficit+to+3%25+of+GDP+by+2008.&pg=PA40 |title=Hungary Investment and Business Guide Volume 1 Strategic and Practical Information |date=2015-09-11 |publisher=Lulu.com |isbn=978-1-5145-2857-0 |language=en}}</ref>

Because of the austerity program, the economy of Hungary slowed down in 2007.<ref name=":2" />

===Great Recession===
Declining exports, reduced domestic consumption and fixed asset accumulation affected Hungary during the [[Great Recession]], making the country enter a severe recession of −6.4%, one of the worst economic contractions in its history.

On 27 October 2008, Hungary reached an agreement with the [[IMF]] and [[EU]] for a rescue package of US$25 billion, aiming to restore financial stability and investors' confidence.<ref name="8078hungary_receives_res">{{cite news |url=https://www.theguardian.com/business/2008/oct/29/hungary-economy-imf-eu-world-bank |title=Hungary receives rescue package, with strings attached |author1=Kate Connolly |author2=Ian Traynor |date=29 October 2008 |newspaper=The Guardian|access-date=18 January 2010}}</ref>

Because of the uncertainty of the crisis, banks gave less loans which led to a decrease in investment. This along with price-awareness and fear of bankruptcy led to a fallback in consumption which then increased job losses and decreased consumption even further. Inflation did not rise significantly, but real wages decreased.<ref name="7679economy_and_society_">{{cite web |url=http://portal.ksh.hu/pls/ksh/docs/eng/xftp/gyor/jel/ejel20903.pdf |title=Economy and Society, January–March 2009 |publisher=Hungarian Central Statistical Office |access-date=18 January 2010}}</ref>

The fact that the euro and the Swiss franc are worth a lot more in forints than they were before affected a lot of people. According to The Daily Telegraph, "statistics show that more than 60 percent of Hungarian mortgages and car loans are denominated in foreign currencies".<ref name="9940global_financial_cri">{{cite news |url=http://www.allbusiness.com/economy-economic-indicators/economic-indicators/11965908-1.html |title=Global Financial Crisis: Hungary |author=Damien Mc Elroy |date=26 February 2009 |newspaper=The Daily Telegraph|location=London |access-date=18 January 2010}}</ref> After the election in 2010 of the new [[Fidesz]]-party government of Prime Minister [[Viktor Orbán]], Hungarian banks were forced to allow the conversion of foreign-currency mortgages to the forint.<ref name="bloomberg-20111230">{{cite news |url=https://www.bloomberg.com/news/2011-12-30/hungarian-lawmakers-approve-central-bank-law-in-snub-imf-european-union.html |title=Hungary's Bailout Chance Wanes as Lawmakers Snub IMF, EU Over Central Bank |author=Zoltan Simon |publisher=Bloomberg |date=30 December 2011 |access-date=30 December 2011}}</ref> The new government also nationalized $13 billion of private pension-fund assets, which could then be used to support the government debt position.<ref name="bloomberg-20111222">{{cite news |url=https://www.bloomberg.com/news/2011-12-22/hungary-top-court-may-rule-on-pension-fund-nationalization-case.html |title=Hungary Top Court May Rule on Pension Fund Nationalization Case |author=Zoltan Simon |publisher=Bloomberg |date=22 December 2011 |access-date=30 December 2011}}</ref>

=== Post 2008 recession Hungarian economy ===
The economy showed signs of recovery in 2011 with decreasing tax rates and a moderate 1.7 percent GDP growth.<ref>{{cite web |url=http://www.bbj.hu/economy/hungary-gdp-grows-14percent-yr-yr-in-q4-up-17percent-in-2011_62619 |title=Hungary GDP grows 1.4% yr/yr in Q4, up 1.7% in 2011 |publisher=BBJ |access-date=15 February 2012 |archive-date=29 March 2012 |archive-url=https://web.archive.org/web/20120329062656/http://www.bbj.hu/economy/hungary-gdp-grows-14percent-yr-yr-in-q4-up-17percent-in-2011_62619 |url-status=dead}}</ref>

From November 2011 to January 2012, all three major [[credit rating agencies]] downgraded Hungarian debt to a non-investment speculative grade, commonly called "junk status".<ref name="bbc-20111222">{{cite news |url=https://www.bbc.co.uk/news/business-16298773 |title=Hungary borrowing costs rise on junk downgrade |publisher=BBC |date=22 December 2011 |access-date=27 December 2011}}</ref><ref name="guardian-20111225">{{cite news |url=https://www.theguardian.com/commentisfree/2011/dec/25/hungary-playing-chicken-editorial |title=Hungary: playing chicken |newspaper=The Guardian|date=25 December 2011 |access-date=27 December 2011}}</ref><ref name="bbc-20120106">{{cite news|url=https://www.bbc.co.uk/news/business-16446307|title=Third ratings agency gives Hungary a junk credit rating|publisher=BBC|date=6 January 2012|access-date=9 January 2012}}</ref> In part this is because of political changes creating doubts about the independence of the [[Hungarian National Bank]].<ref>[https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2944875 Terminal Risks for Independent Fiscal Institutions: Lessons from IFIs in Hungary and Venezuela]. Social Science Research Network (SSRN). Accessed 18 July 2017.</ref><ref name="bbc-20111222" /><ref name="guardian-20111225" />

European Commission President [[José Manuel Barroso]] wrote to Prime Minister [[Viktor Orbán]] stating that new central bank regulations, allowing political intervention, "seriously harm" Hungary's interests, postponing talks on a financial aid package. Orbán responded "If we don't reach an agreement, we'll still stand on our own feet."<ref name="bloomberg-20111230" />
	
The [[European Commission]] launched legal proceedings against Hungary on 17 January 2012. The procedures concern Hungary's [[Hungarian National Bank|central bank law]], the retirement age for judges and prosecutors and the independence of the data protection office, respectively.<ref>[http://www.politics.hu/20120117/barroso-says-unwillingness-of-hungary-to-make-changes-pushes-ec-to-act-against-budapest/ Barroso says unwillingness of Hungary to make changes pushes EC to act against Budapest] {{Webarchive|url=https://web.archive.org/web/20120118130832/http://www.politics.hu/20120117/barroso-says-unwillingness-of-hungary-to-make-changes-pushes-ec-to-act-against-budapest/ |date=18 January 2012}}, ''Politics.hu'', 17 January 2012; accessed 21 January 2012</ref><ref>[https://www.bbc.co.uk/news/world-europe-16593827 EU opens legal action against Hungary over new laws], [[BBC News]], 17 January 2012; accessed 21 January 2012</ref> One day later Orbán indicated in a letter his willingness to find solutions to the problems raised in the infringement proceedings.<ref>[http://www.politics.hu/20120118/orban-says-hungary-ready-to-cooperate-to-resolve-eu-infringement-issues/ Orbán says Hungary ready to cooperate to resolve EU infringement issues] {{Webarchive|url=https://web.archive.org/web/20131126172135/http://www.politics.hu/20120118/orban-says-hungary-ready-to-cooperate-to-resolve-eu-infringement-issues/ |date=26 November 2013}}, ''Politics.hu'', 18 January 2012; accessed 21 January 2012</ref> On 18 January he participated in plenary session of the [[European Parliament]] which also dealt with the Hungarian case. He said "Hungary has been renewed and reorganised under European principles". He also said that the problems raised by the European Union can be resolved "easily, simply and very quickly". He added that none of the EC's objections affected Hungary's new constitution.<ref>[http://www.politics.hu/20120118/hungary-reorganised-under-european-principles-says-pm/ Orbán tells European Parliament disputes a natural result of Hungarian government's "magnificent" efforts] {{Webarchive|url=https://web.archive.org/web/20131126170513/http://www.politics.hu/20120118/hungary-reorganised-under-european-principles-says-pm/ |date=26 November 2013}}, ''Politics.hu'', 18 January 2012; accessed 21 January 2012</ref><ref>[https://www.bbc.co.uk/news/world-europe-16613934 Hungary PM Orbán fights back in European Parliament], [[BBC News]], 18 January 2012; accessed 21 January 2012</ref>

Following the mild recession of 2012, the GDP picked up again from 2014, and based on the commission's Winter 2015 forecast it was projected to have accelerated to 3.3%. The more dynamic economic performance attributed to a moderately growing domestic demand and supported the growth of gross fixed capital formation. The surge (3.8% in the first half of 2014), however was only achieved via temporary measures and factors, such as the stepped-up absorption of EU-funds and the central bank's Funding for Growth Scheme, which subsidised loans for small-and medium-sized enterprises.<ref>Commission Staff Working Document: Country Report Hungary 2015 including an in-depth review on the prevention and correction of macroeconomic imbalances http://ec.europa.eu/europe2020/pdf/csr2015/cr2015_hungary_en.pdf</ref> The fundaments of growth didn't considerably change in 2015 as well – the government supported EU-fund transfers along with the moderately successful central bank loans of economic revitalization – fueled the fair GDP growth.

=== Hungarian economy during and after the covid pandemic ===
The Hungarian GDP, GDP per capita, living standards and wages have been steadily rising until the start of the COVID-19 pandemic, when just like the rest of Europe, the stats above tanked. GDP fell to $155 Billion, GDP PPP has fallen to $322 Billion, GDP per capita to $15,855, inflation slightly rose to 4.54%.

National debt rose considerably, to around 80% Debt-to-GDP from the previous 60–65%.

The country was hard hit, unemployment was also higher than average until 2021 when after the lockdowns have stopped. The GDP, GDP per capita, GDP PPP, unemployment and national debt have all recovered to and beyond their pre-covid values.{{Citation needed|date=July 2023}} On the other hand, [[inflation]] has risen to the record levels, reaching 24.5% in December 2022, being the highest in Europe.<ref>{{Cite web |title=Drivers of Inflation: Hungary |url=https://www.imf.org/en/Publications/selected-issues-papers/Issues/2023/02/27/Drivers-of-Inflation-Hungary-530224 |access-date=2023-07-13 |website=IMF |language=en}}</ref>

== Physical properties ==

=== Natural resources ===
{{main|Geography of Hungary}}
[[File:Hungary topographic map.jpg|thumb|Topographic map of Hungary]]
Hungary's total land area is 93,030&nbsp;km<sup>2</sup> along with 690&nbsp;km<sup>2</sup> of water surface area which altogether makes up 1% of Europe's area.

Nearly 75% of Hungary's landscape consists of flat plains. Additional 20% of the country's area consists of foothills whose altitude is 400 m at the most; higher hills and water surface makes up the remaining 5%.

The two flat plains that take up three-quarters of Hungary's area are the [[Great Hungarian Plain]] and the [[Little Hungarian Plain]]. Hungary's most significant natural resource is arable land. About 83% of the country's total territory is suitable for cultivation;<ref name="6601the_hungarian_agricu"/> of this portion, 75% (around 50% of the country's area) is covered by arable land, which is an outstanding ratio compared to other EU countries.<ref name="6601the_hungarian_agricu"/> Hungary lacks extensive domestic sources of energy and raw materials needed for further industrial development.

19% of the country is covered by forests. These are located mainly in the foothills such as the [[North Hungarian Mountains|North Hungarian]] and the [[Transdanubian Mountains]], and the [[Alpokalja]]. The composition of forests is various; mostly oak or beech, but the rest include fir, willow, acacia and plane.

[[File:Medicinal Bath Hévíz 01.jpg|thumb|left|180px|Medicinal bath in [[Hévíz]]]]
In European terms, Hungary's underground water reserve is one of the largest. Hence the country is rich in brooks and hot springs as well as medicinal springs and spas; as of 2003, there are 1250 springs that provide water warmer than 30&nbsp;°C.<ref name="6827a_h_v_zfelt_r_s___te">{{cite web |url=http://www.kvvm.hu/szakmai/karmentes/kiadvanyok/fav/tvkm/tvkm04.htm |title=A hévízfeltárás, -termelés, -hasznosítás alakulása (Figures of the Exploration, Production, and Utilization of Thermal Springs) |publisher=Hungarian Ministry of Environment and Water |language=hu |access-date=18 January 2010 |archive-url=https://web.archive.org/web/20070703130756/http://www.kvvm.hu/szakmai/karmentes/kiadvanyok/fav/tvkm/tvkm04.htm |archive-date=3 July 2007 |url-status=dead}}</ref> 90% of Hungary's drinking water is mostly retrieved from such sources.<ref name="6435magyarorsz_g_term_sz">{{cite web |url=http://www.eduline.hu/segedanyagtalalatok.aspx/letolt/2971 |title=Magyarország természetföldrajzi adottságai (Geographical Properties of Hungary) |language=hu |access-date=18 January 2010}}</ref>

The major rivers of Hungary are the [[Danube]] and the [[Tisza]]. The Danube also flows through parts of [[Germany]], [[Austria]], [[Slovakia]], [[Serbia]], and [[Romania]]. It is navigable within Hungary for 418&nbsp;km. The Tisza River is navigable for 444&nbsp;km in the country. Hungary has three major lakes. [[Lake Balaton]], the largest, is 78&nbsp;km long and from 3 to 14&nbsp;km wide, with an area of 592&nbsp;km<sup>2</sup>. Lake Balaton is Central Europe's largest lake and a prosperous tourist spot and recreation area. Its shallow waters offer summer bathing and during the winter its frozen surface provides facilities for winter sports. Smaller bodies of water include [[Lake Velence]] (26&nbsp;km<sup>2</sup>) in Fejér County and [[Lake Fertő]] (82&nbsp;km<sup>2</sup> within Hungary).

The waters of the country are in danger, since more water is going out of the county than in. In 2022, a severe drought which has impacted all of Europe is endangering among others, Lake Velence, Lake Balaton, the Danube and Tisza rivers. The flow of the aforementioned rivers have been modified in the late 19th century, and while it prevented larger floods and helped water transport, it has its downsides, such as the inability to support large-scale watering of crops, worsening the drought of 2022. Large-scale reforms and rebuilding of the Alföld water system is needed, but no such plans are being announced by the government as of 2022.

=== Infrastructure ===

==== Transport ====
[[File:Hungarian motorway constructions.png|thumb|right|180px|Total length of [[motorways in Hungary]]]]
{{main|Transport in Hungary}}

Hungary has 31,058&nbsp;km of roads and [[Motorways in Hungary|motorways]] of 1,118&nbsp;km. The total length of motorways has doubled in the last ten years with the most (106) kilometers built in 2006. Budapest is directly connected to the [[Austria]]n, [[Slovakia]]n, [[Slovenia]]n, [[Croatia]]n, [[Romania]]n and [[Serbia]]n borders via motorways.

Due to its location and geographical features, several transport corridors cross Hungary. [[Pan-European corridors]] no. IV, V, and [[Pan-European Corridor X|X]], and European routes no. [[European route E60|E60]], [[European route E71|E71]], [[European route E73|E73]], [[European route E75|E75]], and [[European route E77|E77]] go through Hungary. Thanks to its radial road system, all of these routes touch [[Budapest]].
[[File:Budapest_Ferihegy_2A_LHBP.JPG|thumb|left|Ferenc Liszt Airport]] 
There are five international, four domestic, four military and several non-public [[airports in Hungary]]. The largest airport is the [[Budapest Ferihegy International Airport]] (BUD) located at the southeastern border of Budapest. In 2008, the airport had 3,866,452 arriving and 3,970,951 departing passengers.<ref name="2474traffic_of_budapest_">{{cite web|url=http://portal.ksh.hu/pls/ksh/docs/eng/xstadat/xstadat_annual/tabl4_06_10ie.html |title=Traffic of Budapest/Ferihegy Airport |publisher=Hungarian Central Statistical Office |access-date=18 January 2010}} {{dead link|date=June 2016|bot=medic}}{{cbignore|bot=medic}}</ref>

In 2006, the Hungarian railroad system was 7,685&nbsp;km long, 2,791&nbsp;km of it electrified.

==== Public utilities ====
Electricity is available in every settlement in Hungary.

[[Pipeline transport|Piped gas]] is available in 2873 settlements, 91.1% of all of them.<ref name="4993t_bb_villamosenergi_">{{cite web |url=http://www.mti.hu/cikk/438182/ |title=Több villamosenergiát, de kevesebb gázt fogyasztott a lakosság (People Use more Electricity but Less Gas) |date=8 November 2009 |publisher=Hungarian News Agency Corp. |language=hu |access-date=18 January 2010}} {{dead link|date=September 2017 |bot=InternetArchiveBot |fix-attempted=yes}}</ref> To avoid gas shortages due to [[Ukraine|Ukrainian]] pipeline shutdowns like the one in January 2009,<ref name="2986hungary_receives_no_">{{cite news |url=http://uk.reuters.com/article/idUKL765030320090107?pageNumber=2&virtualBrandChannel=10174&sp=true |archive-url=https://archive.today/20130201123211/http://uk.reuters.com/article/idUKL765030320090107?pageNumber=2&virtualBrandChannel=10174&sp=true |url-status=dead |archive-date=1 February 2013 |title=Hungary receives no gas via Ukraine, industry suffers |author1=Krisztina Than |author2=Balazs Koranyi |date=7 January 2009 |work=Reuters|access-date=18 January 2010}}</ref> Hungary participates both in the [[Nabucco pipeline|Nabucco]] and the [[South Stream]] gas pipeline projects. Hungary also has strategical gas reserves: the latest reserve of 1.2 billion cubic meters was opened in October 2009.<ref name="2699_tadt_k_a_biztons_gi">{{cite web |url=http://szegedma.hu/hir/szeged/2009/10/atadtak-a-biztonsagi-foldgaztarolot-algyon/#more-35098 |title=Átadták a biztonsági földgáztárolót Algyőn (Security Gas Reserve Opened in Algyő) |date=1 October 2009 |publisher=Hungarian News Agency Corp. |language=hu |access-date=18 January 2010 |archive-date=10 May 2010 |archive-url=https://web.archive.org/web/20100510021016/http://szegedma.hu/hir/szeged/2009/10/atadtak-a-biztonsagi-foldgaztarolot-algyon/#more-35098 |url-status=dead }}</ref>

In 2008, 94.9% of households had running water.<ref name="1756settlements_and_dwel">{{cite web|url=http://portal.ksh.hu/pls/ksh/docs/eng/xstadat/xstadat_annual/tabl2_03_08ie.html |title=Settlements and dwellings with public water supply |publisher=Hungarian Central Statistical Office |access-date=18 January 2010}} {{dead link|date=June 2016|bot=medic}}{{cbignore|bot=medic}}</ref> Though it is the responsibility of municipal governments to provide people with healthy water supply,<ref name="6312hungarian_national_w">{{cite web |url=http://www.oieau.fr/ciedd/contributions/at3/contribution/REMAI.html |title=Hungarian National Wastewater Program |author1=Ibolya Gazdag |author2=János Rémai |publisher=Hungarian Ministry of Transport, Communication, and Water Management |access-date=18 January 2010 |url-status=dead |archive-url=https://web.archive.org/web/20110721015103/http://www.oieau.fr/ciedd/contributions/at3/contribution/REMAI.html |archive-date=21 July 2011}}</ref> the Hungarian government and the European Union offer subsidies to those who wish to develop [[water supplies]] or [[Sewage collection and disposal|sewage systems]].<ref name="8547hungary__water___was">{{cite web |url=http://www.envirodesk.be/node/48083 |title=Hungary: Water & Wastewater Industry |date=18 February 2009 |access-date=18 January 2010 |url-status=dead |archive-url=https://archive.today/20130120195119/http://www.envirodesk.be/node/48083 |archive-date=20 January 2013}}</ref> Partly because of these subsidies, 71.3% of all dwellings are connected to the sewage system, up from 50,1% in 2000.<ref name="9132settlements_and_dwel">{{cite web|url=http://portal.ksh.hu/pls/ksh/docs/eng/xstadat/xstadat_annual/tabl2_03_09ie.html |title=Settlements and dwellings with public sewerage |publisher=Hungarian Central Statistical Office |access-date=18 January 2010}} {{dead link|date=June 2016|bot=medic}}{{cbignore|bot=medic}}</ref>

Internet penetration has been rising significantly over the past few years: the ratio of households having an internet connection has risen from 22.1% (49% of which was broadband) in 2005 to 48.4% (87.3% of which was broadband) in 2008.<ref name="2830ict_usage_in_househo">{{cite web|url=http://portal.ksh.hu/pls/ksh/docs/eng/xstadat/xstadat_annual/tabl4_07_14ie.html |title=ICT usage in households and by individuals |publisher=Hungarian Central Statistical Office |access-date=18 January 2010}} {{dead link|date=June 2016|bot=medic}}{{cbignore|bot=medic}}</ref>

The Ministry of Economy and Transport introduced the {{proper name|eHungary}} program in 2004 aiming to provide every person in Hungary with internet access by setting up "eHungary points" in public spaces like libraries, schools and cultural centers.<ref name="9054ehungary_program____">{{cite web |url=http://www.elost.org/hungary.pdf |title=eHungary Program 2.0 |publisher=Hungarian Ministry of Economy and Transport |access-date=18 January 2010 |url-status=dead |archive-url=https://web.archive.org/web/20080828105604/http://www.elost.org/hungary.pdf |archive-date=28 August 2008}}</ref> The program also includes "the introduction of the eCounsellor network – a service through which professionals provide assistance for citizens in the effective usage of electronic information, services and knowledge".<ref name="7428ehungary">{{cite web |url=http://www.epractice.eu/en/cases/ehungary |title=eHungary |author=Marianna Posfai |date=8 January 2008 |access-date=18 January 2010}}</ref>

== Sectors ==
In 2022, the sector with the highest number of companies registered in Hungary is Services with 273,851 companies followed by Finance, Insurance, and Real Estate and Retail Trade with 113,153 and 87,237 companies respectively.<ref>{{cite web | url=https://www.hithorizons.com/eu/analyses/country-statistics/hungary | title=Industry Breakdown of Companies in Hungary | website=HitHorizons}}</ref>

=== Agriculture ===
[[File:Tokaj vineyard.jpg|thumb|right|180px|[[Tokaj-Hegyalja|Tokaj]] vineyard with ripening grapes]]

Agriculture accounted for 4.3% of GDP in 2008<ref name="1404value_and_distributi">{{cite web|url=http://portal.ksh.hu/pls/ksh/docs/eng/xstadat/xstadat_annual/tabl3_01_02iec.html |title=Value and distribution of gross value added by industries |year=2009 |publisher=Hungarian Central Statistical Office |access-date=31 December 2009}} {{dead link|date=June 2016|bot=medic}}{{cbignore|bot=medic}}</ref> and along with the food industry occupied roughly 7.7% of the labor force.<ref name="7495number_of_employed_p">{{cite web|url=http://portal.ksh.hu/pls/ksh/docs/eng/xstadat/xstadat_annual/tabl2_01_04iea.html |title=Number of employed persons by industries |year=2009 |publisher=Hungarian Central Statistical Office |access-date=31 December 2009}} {{dead link|date=June 2016|bot=medic}}{{cbignore|bot=medic}}</ref> These two figures represent only the primary agricultural production: along with related businesses, agriculture makes up about 13% of the GDP.<ref name="6601the_hungarian_agricu"/> Hungarian agriculture is virtually self-sufficient and due to traditional reasons export-oriented:<ref name="6601the_hungarian_agricu">{{cite web |url=http://www.fvm.gov.hu/doc/upload/200812/masz_english.pdf |title=The Hungarian agriculture and food industry in figures |year=2008 |publisher=Ministry of Agriculture and Rural Development |page=5 |access-date=31 December 2009 |url-status=dead |archive-url=https://web.archive.org/web/20110721105029/http://www.fvm.gov.hu/doc/upload/200812/masz_english.pdf |archive-date=21 July 2011}}</ref> exports related to agriculture make up 20–25% of the total. About half of Hungary's total land area is agricultural area under cultivation; this ratio is prominent among other EU members.<ref name="6601the_hungarian_agricu"/> This is due to the country's favorable conditions including [[continental climate]] and the [[Great Hungarian Plain|plains]] that make up about half of Hungary's landscape. The most important crops are wheat, corn, sunflower, potato, sugar beet, canola and a wide variety of fruits (notably apple, peach, pear, grape, watermelon, plum etc.). Hungary has [[Hungarian wine|several wine regions]] producing among others the worldwide famous white dessert wine [[Tokaji]] and the red [[Bull's Blood]]. Another traditional world-famous alcoholic drink is the fruit brandy ''[[pálinka]]''.

Mainly cattle, pigs, poultry and sheep are raised in the country. The livestock includes the [[Hungarian Grey Cattle]] which is a major tourist attraction in the [[Hortobágy National Park]]. An important component of the country's gastronomic heritage is [[foie gras]] with about 33,000 farmers engaged in the industry. Hungary is the second largest world producer and the biggest exporter of foie gras (exporting mainly to [[France]]).

Another symbol of Hungarian agriculture and cuisine is the ''[[paprika]]'' (both sweet and hot types). The country is one of the leading paprika producers of the world with [[Szeged]] and [[Kalocsa]] being the centres of production.

Hungary produced, in 2018, 7.9 million tons of [[maize]] (15th largest producer in the world); 5.2 million tons of [[wheat]]; 1.8 million tons of [[sunflower seed]] (8th largest producer in the world); 1.1 million tons of [[barley]]; 1 million tons of [[rapeseed]] (14th largest producer in the world); 941 thousand tons of [[sugar beet]], which is used to produce [[sugar]] and [[ethanol]]; 674 thousand tons of [[apple]]; 539 thousand tons of [[grape]]; 330 thousand tons of [[potato]]; 330 thousand tons of [[triticale]]; in addition to smaller productions of other agricultural products.<ref>{{Cite web|url=https://www.fao.org/faostat/en/|title=FAOSTAT|website=www.fao.org}}</ref>

=== Health care ===
{{main|Healthcare in Hungary}}

[[File:Total health expenditure as a Percentage of GDP (2005-2008).JPG|thumb|right|350px|Total health spending as a percentage of GDP for Hungary compared amongst various other first world nations from 2005 to 2008]]

Hungary has a tax-funded [[universal health care]] system, organized by the state-owned National Healthcare Fund ({{langx|hu|Országos Egészségbiztosítási Pénztár (OEP)}}). Health insurance is not directly paid for by children, mothers or fathers with baby, students, [[pensioner]]s, [[Poverty|people with socially poor background]], [[handicapped people]] (including physical and mental disorders),<ref>{{Cite web|url=http://www.oep.hu/pls/portal/docs/PAGE/LAKOSSAG/OEPHULAK_EBELLAT/ELLATASMO/KIZAROLAG_EU_SZOLG_JOGOSULTAK_2013_01.PDF|title=Nemzeti Egészségbiztosítási Alapkezelő}}</ref> [[priest]]s and other church employees.<ref>{{cite web|url=http://figyelo.hu/cikkek/376719_dozsolok_es_szukolkodok___mibol_gazdalkodnak_az_egyhazak|title=Figyelő online -Társadalom – Dőzsölők és szűkölködők – Miből gazdálkodnak az egyházak?|work=Figyelő.hu|access-date=3 March 2015|url-status=dead|archive-url=https://web.archive.org/web/20150417095046/http://figyelo.hu/cikkek/376719_dozsolok_es_szukolkodok___mibol_gazdalkodnak_az_egyhazak|archive-date=17 April 2015}}</ref> Health in Hungary can be described with a rapidly growing [[life expectancy]] and a very low [[infant mortality rate]] (4.9 per 1,000 [[Live birth (human)|live births]] in 2012).<ref name="KSH">{{cite web|url=http://www.ksh.hu/docs/hun/xstadat/xstadat_hosszu/h_wdsd001a.html|title=STADAT – 1.1. Népesség, népmozgalom (1949– )|access-date=3 March 2015}}</ref> Hungary spent 7.4% of the GDP on health care in 2009 (it was 7.0% in 2000), lower than the average of the [[OECD]]. Total health expenditure was 1,511 US$ per capita in 2009, 1,053 US$ governmental-fund (69.7%) and 458 US$ private-fund (30.3%)<ref>{{cite web|url=http://www.oecd.org/newsroom/healthspendingcontinuestooutpaceeconomicgrowthinmostoecdcountries.htm|title=Newsroom|access-date=3 March 2015}}</ref> but has now risen to 2047 US$ per capita (as per 2018 data), roughly a 33% increase total, with the government funding 1439 US$ (70.3%) of the total versus the private funding 608 US$ (29.7%).<ref>{{Cite web|url=http://data.oecd.org/hungary.htm|title=Hungary – OECD Data|website=theOECD|language=en|access-date=2019-09-23}}</ref> This amount totals to 6.6% of the country's total GDP, roughly a percent decrease overall.<ref>{{Cite web|url=http://data.oecd.org/healthres/health-spending.htm|title=Health resources – Health spending – OECD Data|website=theOECD|language=en|access-date=2019-09-23}}</ref>

=== Industry ===
The main sectors of Hungarian industry are heavy industry (mining, metallurgy, machine and steel production), energy production, mechanical engineering, chemicals, food industry and automobile production. The industry is leaning mainly on processing industry and (including construction) accounted for 29.32% of GDP in 2008.<ref name="8704elemz_i_reakci_k_az_">{{cite web |url=http://www.profitline.hu/index.php/hircentrum/hir/130567/link5 |archive-url=https://web.archive.org/web/20120227154237/http://profitline.hu/index.php/hircentrum/hir/130567/link5 |url-status=dead |archive-date=27 February 2012 |title=Elemzői reakciók az ipari termelési adatra (Analysts' Reaction on Industrial Production Data) |date=7 April 2009 |language=hu |access-date=18 January 2010}}</ref> Due to the sparse energy and raw material resources, Hungary is forced to import most of these materials to satisfy the demands of the industry. Following the transition to market economy, the industry underwent restructuring and remarkable modernization. The leading industry is machinery, followed by chemical industry (plastic production, [[pharmaceutical]]s), while mining, [[metallurgy]] and textile industry seemed to be losing importance in the past two decades. In spite of the significant drop in the last decade, Hungary's food industry is still giving up to 14% of total industrial production and amounts to 7–8% of the country's exports.<ref name="6904food_industry">{{cite web |url=http://www.itdh.com/engine.aspx?page=Trade_Food_Industry |title=Food Industry |access-date=18 January 2010 |archive-url=https://web.archive.org/web/20110713065323/http://www.itdh.com/engine.aspx?page=Trade_Food_Industry |archive-date=13 July 2011 |url-status=dead}}</ref>

Nearly 50% of energy consumption is dependent on imported energy sources. Gas and oil are transported through pipelines from Russia forming 72% of the energy structure, while nuclear power produced by the [[Paks Nuclear Power Plant|nuclear power station of Paks]] accounts for 53,6%.

==== Automobile production ====
[[File:Audi TT Györ.jpg|thumb|right|180px|Final inspection of assembled [[Audi TT]]'s in [[Győr]]]]

Hungary is a favoured destination of foreign investors of automotive industry resulting in the presence of [[General Motors]] ([[Szentgotthárd]]), [[Magyar Suzuki]] ([[Esztergom]]), [[Mercedes-Benz]] ([[Kecskemét]]), [[BMW]] ([[Debrecen]]), [[BYD Company|BYD]] ([[Szeged]]), and [[Audi]] factory ([[Győr]]) in Central Europe.
[[File:Mercedes-Benz B 180 BlueEFFICIENCY (W 246) – Frontansicht, 10. März 2012, Düsseldorf.jpg|thumb|right|[[Mercedes-Benz B-Class]] manufactured by the German carmaker [[Mercedes-Benz]] in [[Kecskemét]]<ref>{{cite news |url=https://www.washingtonpost.com/business/mercedes-attacks-bmw-from-hungary-with-new-facility/2012/03/29/gIQAub6LiS_video.html |title=Mercedes Attacks BMW From Hungary With New Facility |newspaper=The Washington Post|access-date=29 March 2012 |archive-date=22 July 2013 |archive-url=https://web.archive.org/web/20130722092212/http://www.washingtonpost.com/business/mercedes-attacks-bmw-from-hungary-with-new-facility/2012/03/29/gIQAub6LiS_video.html |url-status=dead}}</ref>]]

17% of the total Hungarian exports comes from the exports of Audi, Opel and Suzuki. The sector employs about 90,000 people in more than 350 car component manufacturing companies.<ref name="7582automotive_industry">{{cite web |url=http://www.itdh.com/engine.aspx?page=Itdh_Automotive |title=Automotive Industry |access-date=18 January 2010 |archive-url=https://web.archive.org/web/20110713065341/http://www.itdh.com/engine.aspx?page=Itdh_Automotive |archive-date=13 July 2011 |url-status=dead}}</ref>

Audi has built the largest engine manufacturing plant of Europe (third-largest in the world) in [[Győr]], becoming Hungary's largest exporter with total investments reaching over €3,300 million until 2007.<ref name=ITDH>{{cite web|url=http://www.itdh.com/resource.aspx?ResourceID=automotive_industry_hungary|title=The automotive industry in Hungary – Engine of growth|work=The Hungarian Investment and Trade Development Agency|access-date=27 December 2009|url-status=dead|archive-url=https://web.archive.org/web/20110713065406/http://www.itdh.com/resource.aspx?ResourceID=automotive_industry_hungary|archive-date=13 July 2011}}</ref> Audi's workforce assembles the [[Audi TT]], the Audi TT Roadster and the [[Audi A3|A3 Cabriolet]] in Hungary.<ref name=ITDH/> The plant delivers engines to carmakers [[Volkswagen]], [[Škoda Auto|Skoda]], [[SEAT]], and also to [[Lamborghini]].<ref name=ITDH/>

[[Daimler-Benz]] invests €800 million ($1.2 billion) and creates up to 2,500 jobs at a new assembly plant in [[Kecskemét]], Hungary,<ref name="3628germany__daimler">{{cite news|url=https://www.nytimes.com/2008/06/19/business/worldbusiness/19fobriefs-DAIMLERSELEC_BRF.html?_r=1&emc=eta1|title=Germany: Daimler Selects Plant Site|date=19 June 2008|work=[[The New York Times]]|access-date=27 December 2009}}</ref> with capacity for producing 100,000 Mercedes-Benz compact cars a year.<ref>{{cite web|url=https://www.reuters.com/article/idUSLR29401420081027|title=Daimler sticks to Hungary investment despite crisis|last=Koranyi|first=Balazs|author2=Erica Billingham |date=27 October 2008|work=[[Reuters]]|access-date=27 December 2009}}</ref>

[[Opel]] produced 80,000 [[Opel Astra#Astra F|Astra]] and 4,000 [[Opel Vectra#Vectra B (1995–2002)|Vectra]] cars from March 1992 until 1998 in [[Szentgotthárd]], Hungary.<ref name=GM>{{cite web|url=http://www.gm-press.com/HU/site/article.php?aid=1857 |title=15 éves az első magyar Opel (First Hungarian Opel Reaching Age of 15) |date=8 March 2007 |work=[[General Motors Corporation]] |language=hu |access-date=2 January 2010 |url-status=dead |archive-url=https://web.archive.org/web/20100105042131/http://gm-press.com/HU/site/article.php?aid=1857 |archive-date=5 January 2010}}</ref> Today, the plant produces about half million engines and cylinder heads a year.<ref name=GM/>

In 2018, BMW announced that it will build a car factory near [[Debrecen]], which will produce around 150.000 cars per year.<ref>{{Cite web |last=Privátbankár.hu |date=2018-07-31 |title=Óriási bejelentés: Debrecen mellett épít autógyárat a BMW |url=https://privatbankar.hu/cikkek/vallalat/debrecen-mellett-epit-autogyarat-a-bmw-egymilliard-euros-beruhazast-jelentettek-be-320435.html |access-date=2024-07-24 |website=Privátbankár.hu |language=hu}}</ref>

In 2021, BYD announced its plan to build a car factory near [[Szeged]] as its first European factory.<ref>{{Cite web |date=2023-12-22 |title=Itt a nagy BYD-bejelentés, Szeged autógyártási fellegvár lesz |url=https://infostart.hu/gazdasag/2023/12/22/itt-a-nagy-bvd-bejelentes-szeged-autogyartasi-fellegvar-lesz |access-date=2024-07-24 |website=Infostart.hu |language=hu}}</ref>

'''Battery production'''

Hungary is rapidly becoming a significant player in the battery production industry. The country has attracted substantial investments, including a new gigafactory by the Chinese company Contemporary Amperex Technology Co. Limited ([[CATL]]) in Debrecen. This factory is expected to produce 100 gigawatt hours (GWh) of battery capacity annually by the end of the decade, enough to equip a million electric vehicles.<ref>{{Cite web |title=Hungary's big bet on batteries — and its costs – DW – 03/31/2023 |url=https://www.dw.com/en/hungarys-big-bet-on-batteries-and-its-costs/a-65193569 |access-date=2024-07-24 |website=dw.com |language=en}}</ref>

=== Services ===
The tertiary (service) sector is the largest component of the Hungarian economy, accounting for approximately 65.5% of GDP in 2023 and employing over 63% of the workforce.<ref name="Eurostat_sector_contribution2">{{cite web |title=GDP and main components (output, expenditure and income) |url=https://ec.europa.eu/eurostat/databrowser/view/nama_10_a10/default/table?lang=en |access-date=19 July 2025 |publisher=Eurostat}}</ref> Located in the heart of Central Europe, the country's geostrategic position has been a key factor in the growth of its service sector, attracting investment in logistics, finance, and business services.

Hungary's economy is heavily reliant on foreign trade. In 2023, the total value of goods exports was €149.2 billion, while imports stood at €139.4 billion, resulting in a trade surplus of €9.8 billion. The vast majority of this trade is with other European Union member states, with Germany being the most significant trading partner.<ref name="KSH_trade_20232">{{cite web |title=External trade in goods, December 2023 |url=https://www.ksh.hu/gyorstajekoztatok/kul/en/202312/index.html |access-date=19 July 2025 |publisher=Hungarian Central Statistical Office}}</ref>

====Tourism====
[[File:Balaton Hungary Landscape.jpg|thumb|right|180px|[[Lake Balaton]]]]
{{main|Tourism in Hungary}}
Tourism remains a key sector for the Hungarian economy. In 2023, the country received 16.2 million international tourists, with tourism revenues reaching €7.1 billion, showing a strong recovery to pre-pandemic levels.<ref>{{cite web |title=Tourism in Hungary in 2023 |url=https://www.ksh.hu/docs/eng/xftp/stattukor/turizmus23/index.html |access-date=19 July 2025 |publisher=Hungarian Central Statistical Office}}</ref> One of Hungary's top tourist destinations is [[Lake Balaton]], the largest freshwater lake in Central Europe, with a number of 1.2 million visitors in 2008. The most visited region is [[Budapest]], the Hungarian capital attracted 3.61 million visitors in 2008.

Hungary was the world's 24th most visited country in 2011.<ref name="9655unwto_world_tourism_">{{cite web |url=http://www.tourismroi.com/Content_Attachments/27670/File_633513750035785076.pdf |title=UNWTO World Tourism Barometer |date=January 2013 |publisher=World Tourism Organization |access-date=3 January 2013 |url-status=dead |archive-url=https://web.archive.org/web/20080819191518/http://www.tourismroi.com/Content_Attachments/27670/File_633513750035785076.pdf |archive-date=19 August 2008}}</ref> The Hungarian spa culture is world-famous, with thermal baths of all sorts and over 50 spa hotels located in many towns, each of which offer the opportunity of a pleasant, relaxing holiday and a wide range of quality medical and beauty treatments.

== Currency ==
{{main|Hungarian forint|#Fiscal policy}}

The currency of Hungary is the Hungarian forint (HUF, Ft) since 1 August 1946. A forint consists of 100 fillérs; however, since these have not been in circulation since 1999, they are only used in accounting.

There are six [[Coins of the Hungarian forint|coins]] (5, 10, 20, 50, 100, 200)<ref name="3719hungarian_forint_c">{{cite web|url=http://english.mnb.hu/engine.aspx?page=mnben_coins|title=Hungarian Forint coins|publisher=Hungarian National Bank|year=2009|access-date=19 November 2009|url-status=dead|archive-url=https://web.archive.org/web/20100103151916/http://english.mnb.hu/engine.aspx?page=mnben_coins|archive-date=3 January 2010}}</ref> and six [[Banknotes of the Hungarian forint|banknotes]] (500, 1000, 2000, 5000, 10,000 and 20,000).<ref name="1934hungarian_forint_b">{{cite web|url=http://english.mnb.hu/engine.aspx?page=mnben_notes|title=Hungarian Forint banknotes|publisher=Hungarian National Bank|year=2009|access-date=19 November 2009|url-status=dead|archive-url=https://web.archive.org/web/20091108145307/http://english.mnb.hu/engine.aspx?page=mnben_notes|archive-date=8 November 2009}}</ref> The 1 and 2 Forint coins were withdrawn in 2008, yet prices remained the same as stores follow the official rounding scheme<ref name="3734hungarian_forint_r">{{cite web|url=http://english.forint.hu/engine.aspx?page=rounding|title=Hungarian Forint rounding|publisher=Hungarian National Bank|year=2009|access-date=19 November 2009|archive-url=https://web.archive.org/web/20090221125959/http://english.forint.hu/engine.aspx?page=rounding|archive-date=21 February 2009|url-status=dead}}</ref> for the final price. The 200 Forint note was withdrawn on 16 November 2009.<ref name="7391withdrawn_bankno">{{cite web|url=http://english.mnb.hu/Engine.aspx?page=mnben_currency_en&ContentID=9116|title=Withdrawn banknotes and coins|publisher=Hungarian National Bank|year=2009|access-date=19 November 2009|archive-url=https://web.archive.org/web/20100304065602/http://english.mnb.hu/Engine.aspx?page=mnben_currency_en&ContentID=9116|archive-date=4 March 2010|url-status=dead}}</ref>

=== The fulfillment of the Maastricht criteria ===
{| border="1" cellpadding="4" cellspacing=0 class="toccolours" style="border-collapse:collapse"
|- style="background:#ececec;"
! !! colspan="5"|Convergence criteria !!rowspan="3"| Obligation to adopt <sup>4</sup> !! colspan="2"|Target date !! rowspan="3"| [[Euro coins]] design
|- style="background:#ececec;"
! rowspan="2"|Country <sup>1</sup> !! rowspan="2" |[[Inflation rate]]<small>²</small> !! colspan="2"|[[Forms of government|Government]] [[finances]] !!rowspan="2"|[[ERM II]] membership!!rowspan="2"|[[Interest rate]] <small><sup>3</sup></small> !! rowspan="2"|set by the country !!rowspan="2"| recommended by the [[European Commission|Commission]]
|- style="background:#ececec;"
! annual [[Forms of government|government]] [[Government budget deficit|deficit]] to [[GDP]] !! gross [[government debt]] to [[GDP]]
|- style="background:#ececec;"
| style="text-align:center;"| '''Reference value'''&nbsp;<sup>5</sup>
| max 3.2%
| max. 3%
| max. 60%
| min. 2 years
| max 6.5%
| N/A
| N/A
| N/A
| N/A
|-
| style="text-align:center;"| '''{{HUN}}'''
| style="text-align:center;"| '''2.7%'''
<small>(as of Dec 2020)</small><ref>{{cite web|title=Inflation|url=http://www.ksh.hu/gyorstajekoztatok/#/en/document/far2011}}</ref>
| style="text-align:center;"| '''2.0%'''
<small>(fiscal year 2019)</small><ref>{{URL|https://www.ksh.hu/gyorstajekoztatok#/en/document/krm1912}}</ref>
| style="text-align:center;"| '''66.3%'''<ref>{{cite web|title=Hungary Government Debt to GDP|url=https://ec.europa.eu/eurostat/tgm/table.do?tab=table&init=1&language=en&pcode=teina225&plugin=1|website=ec.europa.eu}}</ref>
| style="text-align:center;"| '''0 years'''
| style="text-align:center;"| '''0.60%'''
<ref>{{Cite web|url=https://www.mnb.hu/en/Jegybanki_alapkamat_alakulasa|title=MNB.hu|website=www.mnb.hu}}</ref>
| yes
| 2019–2020
| N/A
| [[Hungarian euro coins|in progress]]
|}
<small>
<sup>1</sup> Current EU member states that have not yet adopted the Euro, candidates and [[Enlargement of the European Union#Potential Candidate countries|official potential candidates]]. <br />
<sup>2</sup> No more than 1.5% higher than the 3 best-performing EU member states.<br />
<sup>3</sup> No more than 2% higher than the 3 best-performing [[EU]] member states.<br />
<sup>4</sup> Formal obligation for Euro adoption in the country EU [[Treaty of Accession 2003|Treaty of Accession]] or the Framework for membership negotiations.<br />
<sup>5</sup> Values from May 2008 report.<ref>{{cite web|url=http://www.ecb.int/pub/pdf/conrep/cr200805en.pdf |title=Convergence Report May 2008 |access-date=20 September 2009}}</ref> To be updated each year.<br />
</small>

{{Historical currencies of Hungary}}

== Socioeconomic characteristics ==
{{Further|Education in Hungary}}

=== Human capital ===
[[File:Language learning among Hungarian students.png|thumb|right|180px|Language learning among students in upper secondary education in Hungary in 2007]]
[[Education in Hungary]] is free and compulsory from the age of 5 to 16.<ref name="educ">{{cite book|url=http://www.okm.gov.hu/letolt/english/education_in_hungary_080805.pdf|title=Education in Hungary|author=Ministry of Education and Culture|publisher=Department for EU Relations|pages=19–20, 25–28, 36|year=2008|access-date=25 November 2009|isbn=978-963-87399-5-7|archive-date=2 June 2010|archive-url=https://web.archive.org/web/20100602040059/http://www.okm.gov.hu/letolt/english/education_in_hungary_080805.pdf|url-status=dead}}</ref> The state provides free pre-primary schooling for all children, 8 years of general education and 4 years of upper secondary level general or vocational education.<ref name="educ"/> Higher education system follows the three-cycle structure and the credit system of the [[bologna process]].<ref name="educ"/> Governments aim to reach European standards and encourage international mobility by putting emphasis on digital literacy, and enhancing foreign language studies: all secondary level schools teach foreign languages and at least one language certificate is needed for the acquisition of a diploma.<ref name="educ"/> Over the past decade, this resulted in a drastic increase in the number of people speaking at least one foreign language.<ref>{{cite web|url=http://www.tarki.hu/tarkitekinto/20050412.html|title=Foreign Language Speakers in Hungary|author=Endre Sík|publisher=Tárki Ltd.|year=2005|access-date=25 November 2009|language=hu|archive-url=https://web.archive.org/web/20110718130002/http://www.tarki.hu/tarkitekinto/20050412.html|archive-date=18 July 2011|url-status=dead}}</ref>

Hungary's most prestigious universities are:
* Semmelweis University with five schools (medical school, dentistry, pharmacy, nursing and physical education).
* [[Eötvös Loránd University]] (''Eötvos Loránd Tudományegyetem'', or ELTE, which is among the top 500 universities in the world<ref>{{cite web|url=http://www.topuniversities.com/university-rankings/world-university-rankings/2009/results/401-500|title=2009 World University Rankings|publisher=QS Intelligence Unit|access-date=25 November 2009|url-status=dead|archive-url=https://web.archive.org/web/20091017061643/http://www.topuniversities.com/university-rankings/world-university-rankings/2009/results/401-500|archive-date=17 October 2009}}</ref>)
* [[Budapest University of Technology and Economics]] (''Budapesti Műszaki és Gazdaságtudományi Egyetem'', or BME) BME is considered the oldest Institutes of Technology of university rank and structure in the world. Established 1782.
* [[Corvinus University of Budapest]] (''Budapesti Corvinus Egyetem'', or BCE)
* [[Central European University]] (''Közép-európai Egyetem'', or CEU)
* [[University of Pécs]] (''Pécsi Tudományegyetem'', or PTE)
* [[University of Miskolc]] (''Miskolci Egyetem'' or ME)
* [[University of Szeged]] (''Szegedi Tudományegyetem'' or SZTE) In 2010, the QS World University Rankings put the University of Szeged as 451st–500th among universities globally.
* [[University of Debrecen]] (''Debreceni Egyetem'' or DE)

Financial sources for education are mainly provided by the state (making up 5.1–5.3% of the annual GDP).<ref name="educ"/> In order to improve the quality of higher education, the government encourages contributions by students and companies. Another important contributor is the EU.<ref name="educ"/>

[[File:Pisa2006.png|thumb|right|180px|Mathematics score in PISA 2006 of Hungary among other countries]]
The system has weaknesses, the most important being segregation and unequal access to quality education.<ref name="educ"/> The 2006 PISA report concluded that while students from comprehensive schools did better than the OECD average, pupils from vocational secondary schools did much worse.<ref name="eduoecd">{{cite book|url=https://archive.org/details/pisa2006sciencec0001unse/page/33|title=The Programme for International Student Assessment (PISA)|publisher=OECD|pages=[https://archive.org/details/pisa2006sciencec0001unse/page/33 33–34]|year=2006|access-date=25 November 2009|isbn=978-92-64-04000-7}}</ref> Another problem is of the higher education's: response to regional and labour market needs is insufficient.<ref name="educ"/> Government plans include improving the career guidance system and establishing a national digital network that will enable the tracking of jobs and facilitate the integration into the labour market.<ref name="educ"/>

=== Brain drain ===
Hungary has one of the highest levels of citizen [[emigration]] inside the EU,<ref name="auto2">{{Cite journal|url=https://scholars.unh.edu/honors/558|title=Does the emigration of skilled labor from Hungary merit being called a brain drain?|first=Alexa|last=Mayo|date=1 January 2021|journal=Honors Theses and Capstones}}</ref> particularly among [[young people]]. Of those immigrating 44% are under 30 and 77% are under 40. Most who leave the country and migrate to [[western Europe|western]] or [[central Europe]].<ref name="auto2"/> Current immigration is exceedingly high, with 239,924 Hungarians immigrating abroad since 2010,<ref name="auto1">{{Cite web|url=https://hungary.iom.int/hungarian-emigration|title=Hungarian Emigration &#124; IOM Hungary|website=hungary.iom.int}}</ref><ref name="auto2"/> peaking in 2015. Young women tend to be one of the main groups emigrating.<ref>{{Cite journal|title=The Migration of Career-Starter Hungarian Graduate Women to the Countries of the European Union|first1=Ibolya|last1=Czibere|first2=Edit|last2=Schranz|date=3 May 2020|journal=Social Sciences|volume=9|issue=5|pages=62|doi=10.3390/socsci9050062|doi-access=free |hdl=2437/299377|hdl-access=free}}</ref> The increase in immigration coincides with the [[Fidesz party]] coming to power in 2010.<ref name="auto2"/> Common destination countries include [[Germany]], [[Austria]], and the [[United Kingdom]].<ref name="auto2"/><ref name="auto1"/>

Common reasons for immigrating include low [[wage]]s when compared to the rest of the EU.<ref>{{Cite journal|url=https://www.proquest.com/docview/1418299852|title=Some Sociological Aspects of Skilled Migration from Hungary|first1=László|last1=Személyi|first2=Márton|last2=Csanády|date=3 June 2011|journal=Social Analysis|pages=27–46|id={{ProQuest|1418299852}} }}</ref> According to the [[Hungarian Central Statistical Office]] the number of Hungarian students enrolled in [[university]] decreased by 25% from 2003 to 2013, roughly a third of those immigrating are college graduates leading to [[brain drain]].<ref>{{Cite web|url=https://hvg.hu/gazdasag/20141015_Harom_nyomaszto_grafikon_a_kivandorlasrol|title=Négy nyomasztó grafikon a kivándorlásról|first=HVG Kiadó|last=Zrt|date=15 October 2014|website=hvg.hu}}</ref> Compounding this is that the [[Hungarian Forint]] tends to be less stable then the [[Euro]] and often suffers from high levels of inflation.<ref>{{Cite news |last1=Szakacs |first1=Gergely |last2=Than |first2=Krisztina |date=2023-03-09 |title=Hungary's Orban hits back at central bank in growing rift over high inflation |url=https://www.reuters.com/markets/europe/hungarys-orban-says-central-bank-money-supply-cuts-are-too-drastic-2023-03-09/ |url-status=live |archive-url=https://web.archive.org/web/20240529231522/https://www.reuters.com/markets/europe/hungarys-orban-says-central-bank-money-supply-cuts-are-too-drastic-2023-03-09/ |archive-date=29 May 2024 |access-date=2024-06-03 |work=Reuters }}</ref><ref>{{Cite web |last=Spike |first=Justin |date=21 April 2023 |title=No fruit, ham a luxury: Hungary food prices spike most in EU |url=https://apnews.com/article/hungary-food-prices-inflation-cost-of-living-77aba09dcff4bc76a204b2ce776ab30c |website=AP News}}</ref> Other than economic reasons, familial, social, and educational factors also contribute.<ref>{{Cite web |date=8 November 2023 |title=Endangered democracy: the struggles of youth in Orban's Hungary |url=https://www.france24.com/en/europe/20231108-living-in-an-endangered-democracy-the-struggles-of-youth-in-orban-s-hungary |access-date=2024-06-03 |website=[[France 24]]}}</ref><ref>{{Cite web |last=Than |first=Krisztina |date=2018-04-04 |title=Young Hungarians weigh migration option as election nears |url=https://www.reuters.com/article/idUSKCN1HB1JJ/ |access-date=2024-06-03 |website=[[Reuters]]}}</ref> The high rate of immigration coupled with low birth rates (1.59 [[Birth rate|births per woman]]) results in Hungary's aging and decreasing [[population]].<ref>{{Cite journal|url=https://digitalcollections.sit.edu/capstones/2465|title=Brain Drain Out Of Hungary And Its Inhibitors|first=Eliza|last=Plous|date=1 January 2011|journal=Capstone Collection}}</ref><ref>{{Cite web|url=https://www.reuters.com/article/idUSKCN0SS02D/|title=Investors feel the impact of Hungary's brain drain|website=[[Reuters]] }}</ref>

=== Social stratification ===
As most post-communist countries, Hungary's economy is affected by its social stratification in terms of income and wealth, age, gender and racial inequalities.<ref>Júlia Varga, "Returns to education in Hungary." ''Acta Oeconomica'' 47.1/2 (1995): 203–215 [https://www.jstor.org/stable/40729611 online].</ref>

[[File:Lorenz curve of Denmark, Hungary, and Namibia.png|thumb|[[Lorenz curve]] of [[Denmark]], Hungary, and [[Namibia]]]]Hungary's [[Gini coefficient]] of 0.269<ref name="distribution_of_inco">{{cite web |url=http://siteresources.worldbank.org/DATASTATISTICS/Resources/table2_7.pdf |title=Distribution of income or consumption |year= 2007 |publisher=World Bank |access-date=21 December 2009}}</ref> ranks 11th in the world.<ref name="a_dollar_a_day___pov">{{cite web |url=http://library.thinkquest.org/05aug/00282/flash_map.swf |title=A Dollar A Day – Poverty Overview – Gini Coefficient Map |format=swf |access-date=21 December 2009 |url-status=dead |archive-url=https://web.archive.org/web/20121019105111/http://library.thinkquest.org/05aug/00282/flash_map.swf |archive-date=19 October 2012}}</ref> The graph on the right shows that Hungary is close in equality to the world-leader [[Denmark]]. The highest 10% of the population gets 22.2% of the incomes.<ref name="distribution_of_inco"/> According to the business magazine ''[[Napi Gazdaság]]'', the owner of the biggest fortune, 300 billion HUF, is [[Sándor Demján]].<ref name="richest_hungarian_co">{{cite web |url=http://www.realdeal.hu/20080620/richest-hungarian-continues-to-get-richer |title=Richest Hungarian continues to get richer |date=20 June 2008 |access-date=21 December 2009 |archive-date=6 March 2009 |archive-url=https://web.archive.org/web/20090306060256/http://realdeal.hu/20080620/richest-hungarian-continues-to-get-richer |url-status=dead}}</ref> On the other hand, the lowest 10% gets 4% of the incomes. Considering the standard EU indicators (Percentage of the population living under 60% of the per capita median income), 13% of the Hungarian population is stricken by poverty.<ref name="national_programme_f">{{cite web |url=http://www.szmm.gov.hu/download.php?ctag=download&docID=21170 |title=National Programme for the European Year for Combating Poverty and Social Exclusion |publisher=Ministry of Social Affairs and Labour|page=2 |access-date=21 December 2009 |url-status=dead |archive-url=https://web.archive.org/web/20110721105058/http://www.szmm.gov.hu/download.php?ctag=download&docID=21170 |archive-date=21 July 2011}}</ref> According to the [[Human Development Report]], the country's [[Human Poverty Index|HPI-1]] value is 2.2% (3rd among 135 countries),<ref name="human_development_re">{{cite web |url=http://hdrstats.undp.org/en/countries/country_fact_sheets/cty_fs_HUN.html |title=Human Development Report 2009 – Hungary |year=2009 |publisher=United Nations Development Programme |access-date=21 December 2009 |url-status=dead |archive-url=https://web.archive.org/web/20091012093648/http://hdrstats.undp.org/en/countries/country_fact_sheets/cty_fs_HUN.html |archive-date=12 October 2009}}</ref> and its [[HDI]] value is 0.879 (43rd out of 182).<ref name="human_development_re"/>

[[File:Age Pyramid of Hungary.png|thumb|right|180px|[[Population pyramid]] of Hungary]]
The fertility rate in Hungary, just like in many European countries, is very low: 1.34 children/women (205th in the world)<ref name="key_development_data">{{cite web |url=http://web.worldbank.org/WBSITE/EXTERNAL/DATASTATISTICS/0,,contentMDK:20535285~menuPK:1192694~pagePK:64133150~piPK:64133175~theSitePK:239419,00.html |title=Key Development Data & Statistics |publisher=World Bank |access-date=21 December 2009}}</ref> Life expectancy at birth is 73.3 years.,<ref name="key_development_data"/> while the expected number of healthy years is 57.6 for females and 53.5 for males. The average life expectancy overall is 73.1 years.<ref name="healthy_life_years_a">{{cite web |url=http://epp.eurostat.ec.europa.eu/tgm/table.do?tab=table&init=1&language=en&pcode=tsien180&plugin=1 |title=Healthy life years at birth by gender |year= 2007 |publisher=Eurostat |access-date=21 December 2009}}</ref>

Hungary's [[Gender-related Development Index|GDI (gender-related development index)]] value of 0.879<ref name="human_development_re"/> is 100% of its HDI value (3rd best in the world).<ref name="human_development_re"/> 55.5% of the female population (between 15 and 64) participate in the labour force, and the ratio of girls to boys in primary and secondary education is 99%.<ref name="key_development_data"/>

Ethnic inequality, which strikes primarily [[Roma in Hungary]], is a serious problem. Although the definition of the Roma identity is controversial,<ref name="1026roma_employment_in_h">{{cite web |url=http://www.personal.ceu.hu/staff/Gabor_Kezdi/WorkingPapers/Kertesi-Kezdi-2009-RomaEmployment.pdf |title=Roma Employment in Hungary After the Post-Communist Transition |author1=Gábor Kertesi |author2=Kábor Kézdi |location=Budapest |access-date=27 December 2009 |url-status=dead |archive-url=https://web.archive.org/web/20110612015012/http://www.personal.ceu.hu/staff/Gabor_Kezdi/WorkingPapers/Kertesi-Kezdi-2009-RomaEmployment.pdf |archive-date=12 June 2011}}</ref> qualitative studies prove that the Roma employment rate decreased significantly following the [[fall of Communism]]:<ref name="5488inequality_and_discr">{{cite web |url=http://www.eurofound.europa.eu/ewco/2007/08/HU0708019I.htm |title=Inequality and discrimination in employment |date=21 January 2008 |access-date=27 December 2009}}</ref> due to the tremendous layoffs of unskilled workers<ref name="9905roma_children_in_the">{{cite web |url=https://ideas.repec.org/p/has/bworkp/0508.html |title=Roma children in the transformational recession – Widening ethnic schooling gap and Roma poverty in post-communist Hungary |author1=Gábor Kertesi |author2=Gábor Kézdi |year=2005 |location=Budapest|access-date=27 December 2009}}</ref> during the transition years, more than one-third of Roma were excluded from the labour market.<ref name="8956roma_foglalkoztat_s_">{{cite web |url=http://www.econ.core.hu/doc/bwp/bwp/Bwp0504.pdf |title=Roma foglalkoztatás az ezredfordulón (Roma Employment on the Turn of Millennium) |author=Gábor Kertesi |language=hu |year=2005 |location=Budapest |access-date=27 December 2009 |archive-date=16 July 2011 |archive-url=https://web.archive.org/web/20110716120225/http://www.econ.core.hu/doc/bwp/bwp/Bwp0504.pdf |url-status=dead }}</ref> Therefore, this ethnic conflict is inherently interconnected with the income inequalities in the country<ref name="4730the_income_situation">{{cite web |url=http://www.tarki.hu/adatbank-h/kutjel/pdf/a738.pdf |title=The Income Situation of Gypsy Families |author=Béla Janky |year=2005 |publisher=TÁRKI |location=Budapest |access-date=27 December 2009 |archive-url=https://web.archive.org/web/20110718130039/http://www.tarki.hu/adatbank-h/kutjel/pdf/a738.pdf |archive-date=18 July 2011 |url-status=dead}}</ref> – at least two-thirds of the poorest 300,000 people in Hungary are Romas.<ref name="4730the_income_situation"/> Furthermore, ethnic discrimination is outstandingly high, 32% of Romas experience discrimination when looking for work.<ref name="4150data_in_focus_report">{{cite web |url=http://fra.europa.eu/fraWebsite/attachments/EU-MIDIS_ROMA_EN.pdf |title=Data in Focus Report: The Roma |year=2009 |publisher=European Union [[Fundamental Rights Agency]] |access-date=27 December 2009 |archive-date=1 April 2010 |archive-url=https://web.archive.org/web/20100401042741/http://fra.europa.eu/fraWebsite/attachments/EU-MIDIS_ROMA_EN.pdf |url-status=dead}}</ref> Consequently, new Roma entrants to the labour market are rarely able to find employment,<ref name="8956roma_foglalkoztat_s_"/> which creates a motivation deficit and further reinforces [[Racial segregation|segregation]] and unemployment.<ref name="6994a_hern_d_v_lgyi_rom_">{{cite web|url=http://www.autonomia.hu/index.jsp?id=33&main=51&akt=33&lang=hu |title=A Hernád-völgyi romák munkaerőpiaci felzárkóztatása – A program helyszínének bemutatása (Convergence of Roma Employment in the Hernád Valley–Introducing the Setting of the Program) |publisher=Autonómia Alapítvány |language=hu |location=Budapest |access-date=27 December 2009 |url-status=dead |archive-url=https://web.archive.org/web/20090405162042/http://www.autonomia.hu/index.jsp?id=33&main=51&akt=33&lang=hu |archive-date=5 April 2009}}</ref>

=== Institutional quality ===
Twenty years after the change of the regime, [[Political corruption|corruption]] remains a severe issue in Hungary.<ref name="5463hungary__corruption_">{{cite web |url=http://reportingproject.net/prosecution/index.php?option=com_content&task=view&id=1&Itemid=1 |title=Hungary: Corruption continues |date=16 December 2008 |publisher=[[Organized Crime and Corruption Reporting Project]] |access-date=3 January 2010 |archive-date=28 November 2010 |archive-url=https://web.archive.org/web/20101128190825/http://reportingproject.net/prosecution/index.php?option=com_content&task=view&id=1&Itemid=1 |url-status=dead }}</ref> According to [[Transparency International]] Hungary, almost one-third of top managers claim they regularly bribe politicians.<ref name="5463hungary__corruption_" /> Most people (42%) in Hungary think that the sector most affected by bribery is the political party system.<ref name="1766global_corruption_ba">{{cite web |url=http://www.transparency.org/content/download/43788/701097 |title=Global Corruption Barometer 2009 |author1=Riaño, Juanita |author2=Hodess, Robin |author3=Evans, Alastair |date=16 December 2008 |publisher=Transparency International|page=8 |access-date=3 January 2010 |archive-url=https://web.archive.org/web/20090607054124/http://www.transparency.org/content/download/43788/701097 |archive-date=7 June 2009 |url-status=dead}}</ref> Bribery is common in the [[Healthcare in Hungary|healthcare system]] in the form of gratitude payment–92% of all people think that some payment should be made to the head surgeon conducting a heart operation or an obstetrician for a child birth.<ref name="1046hidden_in_an_envelop">{{cite web |url=http://www.colbud.hu/honesty-trust/kornai/pub01.PDF |title=Hidden in an Envelope: Gratitude Payments to Medical Doctors in Hungary |author=János Kornai |date=16 December 2008 |page=13 |access-date=3 January 2010 |archive-url=https://web.archive.org/web/20110721105027/http://www.colbud.hu/honesty-trust/kornai/pub01.PDF |archive-date=21 July 2011 |url-status=dead}}</ref>

Another problem is the administrative burden: in terms of the ease of doing business, Hungary ranks 47th out of 183 countries in the world.<ref name="5276doing_business______">{{cite web |url=http://www.doingbusiness.org/Documents/CountryProfiles/HUN.pdf |title=Doing Business 2010 – Hungary |year=2009 |publisher=The World Bank |location=Washington, D.C. |access-date=3 January 2010 |url-status=dead |archive-url=https://web.archive.org/web/20091002184936/http://www.doingbusiness.org/Documents/CountryProfiles/HUN.pdf |archive-date=2 October 2009}}</ref> The five days' time<ref name="key_development_data" /> required to start a new business ranks 29th, and the country is 122nd concerning the ease of paying taxes.<ref name="3758paying_taxes________">{{cite web |url=http://www.doingbusiness.org/documents/FullReport/2010/Paying-Taxes-2010.pdf |title=Paying Taxes 2010 – The Global Picture |year=2009 |access-date=3 January 2010}}</ref>

In accordance with the theory of the [[separation of powers]], the judicial system is independent from the legislative and the executive branches.<ref name="4430background_note__hun">{{cite web |url=https://2009-2017.state.gov/r/pa/ei/bgn/26566.htm |title=Background Note: Hungary | date=June 2009 |publisher=U.S. Department of State |access-date=3 January 2010}}</ref> Consequently, courts and prosecutions are not influenced by the government. However, the legal system is slow and overburdened, which makes proceedings and rulings lengthy and inefficient.<ref name="3455hungary_investment_c">{{cite web |url=http://www.eubusiness.com/europe/hungary/invest |title=Hungary Investment Climate 2009 |author=Ina Mimireva |date=29 October 2009 |publisher=EUbusiness |access-date=3 January 2010}}</ref> Such a justice system is hardly capable of prosecuting corruption and protecting the country's financial interests.<ref name="5463hungary__corruption_" />

===Unemployment in Hungary===
{{See also|Unemployment in Hungary}}

== State participation ==

=== Monetary policy ===
{{update|exchange rate evolution|September 2009|date=August 2015}}
[[File:Baserate Hungary.jpg|thumb|alt=Chart showing the base rate of [[Hungarian National Bank]].|Base rate of Hungarian National Bank (MNB).]]
[[File:Magyar Nemzeti Bank épülete, Szabadság tér és Hold utca sarok. - 2005, Budapest.jpg|left|thumb|[[Hungarian National Bank]] (MNB)]]
The Hungarian organization responsible for controlling the country's monetary policy is the [[Hungarian National Bank]] (Hungarian: ''Magyar Nemzeti Bank'', MNB) which is the central bank in Hungary.<ref name="5892hungarian_national_bank">{{Cite web|url=https://www.mnb.hu/web/en/|title=Main page|website=www.mnb.hu}}</ref> According to the Hungarian Law of National Bank (which became operative in 2001. – LVIII. Law about The Hungarian National Bank<ref name="9076t_rv_nyek__s_ogy_hat">{{cite web |url=http://www.complex.hu/external.php?url=3 |title=Törvények és OGY határozatok (Laws and Decrees) |language=hu |access-date=18 January 2010}}</ref>), the primary objective of MNB is to achieve and maintain price stability. This aim is in line with the European and international practice.

Price stability means achieving and maintaining a basically low, but positive inflation rate. This level is around 2–2.5% according to international observations, while the [[European Central Bank]] "aims at inflation rates of below, but close to 2% over the medium term".<ref name="1639monetary_policy">{{cite web |url=http://www.ecb.europa.eu/mopo/html/index.en.html |title=Monetary policy |access-date=18 January 2010}}</ref> Since Hungary is in the process of catching up ([[Balassa-Samuelson effect]]), the long-term objective is a slightly higher figure, around 2.3–3.2%.<ref name="2817the_optimal_rate">{{cite web|url=http://www.mnb.hu/Resource.aspx?ResourceID=mnbfile&resourcename=ht2004_1_en|title=The Optimal Rate of Inflation in Hungary|publisher=Hungarian National Bank|year=2004|access-date=1 November 2009|author1=Gergely Kiss|author2=Judit Krekó}} {{dead link|date=September 2017 |bot=InternetArchiveBot |fix-attempted=yes}}</ref> Therefore, the medium term inflation target of the Hungarian National Bank is 3%.<ref name="4383k_zlem_ny_a_k_z_pt_v">{{cite web |url=http://www.mnb.hu/Engine.aspx?page=mnbhu_monet_kozlem&ContentID=7139 |title=Közlemény a középtávú inflációs cél kitűzéséről (Announcement on Mid-term Inflation Plans) |date=25 August 2005 |publisher=Hungarian National Bank |language=hu |access-date=18 January 2010 |url-status=dead |archive-url=https://web.archive.org/web/20081116105521/http://www.mnb.hu/Engine.aspx?page=mnbhu_monet_kozlem&ContentID=7139 |archive-date=16 November 2008}}</ref>

Concerning the exchange rate system, the [[floating exchange rate]] system is in use since 26 February 2008, as a result of which HUF is fluctuating in accordance with the effects of the market in the face of the reference currency, the euro.

[[File:Forintexchange.png|thumb|right|180px|Forint exchange rates from June 2008 to September 2009]]

The chart on the right shows forint exchange rates for the [[British pound]] (GBP), [[euro]] (EUR), [[Swiss franc]] (CHF), and the [[U.S. dollar]] (USD) from June 2008 to September 2009. It indicates that a relatively strong forint weakened during the [[Great Recession]], and that its value increased afterwards.

Compared to the euro the forint was at peak on 18 June 2008 when 1000 Ft was €4.36 and €1 was 229.11Ft. The forint was worth the least on 6 March 2009; this day 1000 Ft was €3.16 and €1 was 316Ft).

Compared to USD, most expensive/cheapest dates are 22 June 2008 and 6 March 2009 with 1000HUF/USD rates 6.94 and 4.01 respectively.

On 24 March 2015 the Euro was at 299.1450 and USD was at 274.1650,

=== Fiscal policy ===
[[File:Hungary bonds.webp|thumb|300px|right|Hungary bonds
{{legend-line|#00A2FF solid 3px|15 year}}
{{legend-line|#61D836 solid 3px|10 year}}
{{legend-line|#929292 solid 3px|1 year}}
{{legend-line|#F8BA00 solid 3px|3 month}}
{{see also|Inverted yield curve}}
]]
In Hungary, state revenue makes up 44% and expenditure makes up 45% of the GDP which is relatively high compared to other EU members.<ref name="8115a_gazdasa_gi_no_veke">{{cite web |url=http://www.kopint-tarki.hu/reform/rsz_munkaanyag.pdf |title=A gazdasági növekedés dinamizálásának lehetősége az államháztartási kiadások csökkentése mellett (Possibilities of Boosting Economic Growth while Decreasing Public Deficit) |date=10 March 2009 |publisher=Attila Bartha et al. |language=hu |access-date=18 January 2010 |url-status=dead |archive-url=https://web.archive.org/web/20110721110524/http://www.kopint-tarki.hu/reform/rsz_munkaanyag.pdf |archive-date=21 July 2011}}</ref> This can be traced back to historical reasons such as [[socialist economic]] tradition as well as cultural characteristics that endorse paternalist behaviour on the state's part, meaning that people have a habitual reflex that make them call for state subsidies.<ref name="4811interview_with_adam">{{cite web|url=http://www.hetek.hu/belfold/200308/feszultsegnovelo_csokkentes|title=Interjú Gere Ádámmal, a Hayek Társaság elnökével (Interview with Adam Gere, Chairman of Hayek Institute)|publisher=hetek.hu |language=hu |year=2003|access-date=31 October 2009}}</ref> Some economists{{Who|date=July 2014}} dispute this point, claiming that expenditure ran up to today's critical amount from 2001, during two left-wing government cycles.<ref name="8115a_gazdasa_gi_no_veke"/>

Along with joining the EU the country undertook the task of joining the [[Eurozone]] as well. Therefore, the [[Maastricht criteria]] which forms the condition of joining the Eurozone acts as an authoritative guideline to Hungarian fiscal politics. Although there has been remarkable progress, recent years' statistics still point at significant discrepancies between the criteria and fiscal indices. The target date for adapting the Euro has not been fixed, either.

General government deficit has shown a drastic decline to −3.4% (2008) from −9.2% (2006).<ref name="3654_main_macroecon">{{cite web |url=http://www.p-m.hu/web%5C%5Chome.nsf/portalarticles/9CE71763C9C1ECB1C125727C0048022C/$File/Fobb%20makrogazdasagi_jelzoszamok%20_eves%20adatok.xls |title=Főbb makrogazdasági jelzőszámok (Main Macroeconomic Indicators) |publisher=Ministry of Finance |language=hu |format=xls |year=2009 |access-date=31 October 2009 |url-status=dead |archive-url=https://web.archive.org/web/20100215010653/http://www.p-m.hu/web/home.nsf/portalarticles/9CE71763C9C1ECB1C125727C0048022C/%24File/Fobb%20makrogazdasagi_jelzoszamok%20_eves%20adatok.xls |archive-date=15 February 2010}}</ref> According to an MNB forecast however, until 2011, the deficit will by a small margin fall short of the 3.0% criterion.<ref name="2834ecomoic_report">{{cite web|url=http://www.mnb.hu/Resource.aspx?ResourceID=mnbfile&resourcename=infl_jelentes_2009aug_pub20090826|title=Quarterly Report on Inflation|publisher=Hungarian National Bank|date=August 2009|access-date=31 October 2009|url-status=dead|archive-url=https://web.archive.org/web/20150919024107/http://www.mnb.hu/Resource.aspx?ResourceID=mnbfile&resourcename=infl_jelentes_2009aug_pub20090826|archive-date=19 September 2015}}</ref>

Another criterion that is found lacking is the ratio of gross government debt to GDP which, since 2005, exceeds the allowed 60%.<ref name="3847introducing_the_eur">{{cite web|url=http://europa.eu/legislation_summaries/economic_and_monetary_affairs/institutional_and_economic_framework/l25014_en.htm|title=Introducing the Euro: convergence criteria|publisher=Europa.eu|date=7 December 2006|access-date=31 October 2009}}</ref> According to an [[European System of Accounts|ESA95]] figure, in 2008 the ratio increased from 65.67% to 72.61%, which primarily results from the requisition of an IMF-arranged financial assistance package.<ref name="9345imf__eu__and_worl">{{cite web|url=http://www.imf.org/external/pubs/ft/survey/so/2008/car102808b.htm|title=IMF, EU, and World Bank Line Up $25 Billion for Hungary|publisher=IMF Survey Magazine|date=28 October 2008|access-date=31 October 2009}}</ref>

Hungary's balance of payments on its current account has been negative since 1995, around 6–8% in the 2000s<ref name="emenbe">{{cite web|url=http://www.mnb.hu/Resource.aspx?ResourceID=mnbfile&resourcename=hu0101_osszefoglalo|title=Összefoglaló makroökonómiai adatok (Summary of Macroeconomic Indicators)|format=xls|publisher=Hungarian National Bank|language=hu|year=2009|access-date=31 October 2009|url-status=dead|archive-url=https://web.archive.org/web/20100102220422/http://www.mnb.hu/Resource.aspx?ResourceID=mnbfile&resourcename=hu0101_osszefoglalo|archive-date=2 January 2010}}</ref> reaching a negative peak 8.5% in 2008.<ref name="emenbe"/><ref name="6342elemze_s_a_makrogazd">{{cite web |url=http://www.mkkt.hu/download/000/032/K%C3%B6lts%C3%A9gvet%C3%A9si%20Tan%C3%A1cs%20kiadv%C3%A1nya.pdf |title=Elemzés a makrogazdasági kilátásokról és a költségvetési kockázatokról (Essay on the Macroeconomic Outlook and Fiscal Risks) |author=Dánel Baksa |date=18 August 2009 |publisher=Budget Council |language=hu |access-date=18 January 2010 |display-authors=etal |url-status=dead |archive-url=https://web.archive.org/web/20091104213602/http://www.mkkt.hu/download/000/032/K%C3%B6lts%C3%A9gvet%C3%A9si%20Tan%C3%A1cs%20kiadv%C3%A1nya.pdf |archive-date=4 November 2009}}</ref>

=== Tax system ===
{{main|Taxation in Hungary}}
In Hungary, the 1988 reform of taxes introduced a comprehensive tax system which mainly consists of central and local taxes, including a [[Income tax|personal income tax]], a [[corporate income tax]] and a [[value added tax]].<ref name="9331reflection_on_the_hu">{{cite web|url=http://www.upm.ro/facultati_departamente/ea/RePEc/rcj09/recjurid093_3F.pdf |archive-url=https://web.archive.org/web/20111005011837/http://www.upm.ro/facultati_departamente/ea/RePEc/rcj09/recjurid093_3F.pdf |url-status=dead |archive-date=5 October 2011 |title=Reflection on the Hungarian Tax System and Reform Steps |author=Mihály Hőgye |access-date=18 January 2010}}</ref> Among the total tax income the ratio of local taxes is solely 5% while the EU average is 30%.<ref name="1882ad_z_s__taxation_">{{cite web|url=http://www.euvonal.hu/index.php?op=gazdasag&id=35 |title=Adózás (Taxation) |language=hu |access-date=18 January 2010 |url-status=dead |archive-url=https://web.archive.org/web/20100922131306/http://euvonal.hu/index.php?op=gazdasag&id=35 |archive-date=22 September 2010}}</ref> Until 2010, the taxation of an individual was progressive, determining the tax rate based on the individual's income: with earning up to 1,900,000 forints a year, the tax was 18%, the tax on incomes above this limit was 36% since 1 July 2009.<ref name="2956short_summary_on_the">{{cite web |url=http://en.apeh.hu/taxation/summary_individuals.html |title=Short summary on the taxation of individuals |date=1 July 2009 |publisher=Tax and Financial Control Administration |access-date=18 January 2010 |url-status=dead |archive-url=https://web.archive.org/web/20100106121048/http://en.apeh.hu/taxation/summary_individuals.html |archive-date=6 January 2010}}</ref>

Based on the new one-rate tax regime introduced January 2011, the overall tax rate for all income-earnings bands has been 16%. According to the income-tax returns of 2008, 14,6% of taxpayers was charged for 64,5% of the total tax burdens.<ref name="2758az_ad_z_k____sz_zl_k">{{cite web |url=http://adougyek.hu/tart/cikk/ca/0/53307/1/adougyek/APEH_az_hogy_kevesen_fizetnek_sok_adot_nem_magyar_sajatossag |title=Az adózók 24 százléka vall minimálbért (24% of Taxpayers Claim They're on Minimum Wage) |date=2 September 2009 |publisher=Hungarian News Agency Corp. |language=hu |access-date=18 January 2010}}</ref> Before the new corporate income tax regime, the corporate tax was fixed at 16% of the positive rateable value, with an additional tax called solidarity tax of 4%, the measure of which is calculated based on the result before tax of the company (the solidarity tax has been in use since September, 2006). The actual rateable value might be different is the two cases. From January 2011, under the new corporate income tax regime the tax rate was divided into two parts (i) corporations having income before tax below 500 million HUF (appr. USD 2.5 million) was lowered to 10% and (ii) 16% remained for all other companies until 2013. After this, the unified corporate income tax rate will be 10%, irrespectively from the size of the net income before tax. In January 2017, corporate tax was unified at a rate of 9% – the lowest in the European Union. The rate of value added tax in Hungary is 27%, the highest in Europe, since 1 January 2012.<ref name="7391_______vi_cxxvii__t_">{{cite web|url=http://www.deloittetax.at/2012/01/18/hungary-corporate-income-tax-and-vat-changes-2012/ |title=Deloitte Tax News » Hungary: Corporate Income Tax and VAT changes 2012 |publisher=Deloittetax.at |date=1 January 2012 |access-date=2 April 2012}}</ref>

==Miscellaneous data==
The following table shows the main economic indicators in 1980–2025. Inflation under 2% is in green.<ref>{{Cite web|url=https://www.imf.org/en/Publications/WEO/weo-database/2023/April/weo-report?sy=1980&ey=2024&scsm=1&ssd=1&sort=country&ds=.&br=1&pr1.x=88&pr1.y=15&c=944&s=NGDP_RPCH,PPPGDP,PPPPC,PCPIPCH,LUR,GGXWDG_NGDP&grp=0&a=|title=Report for Selected Countries and Subjects|website=imf.org|access-date=2023-09-30}}</ref>
{{static row numbers}}{{sticky header}}
{| class="wikitable sortable sticky-header" style="text-align:center;"
!Year
!GDP<br /><small>(in Bil. US$ PPP)</small>
!GDP per capita<br /><small >(in US$ PPP)</small>
!GDP
<small>(in US$ nominal)</small>
!GDP growth<br /><small>(real)</small>
!Inflation rate<br /><small>(in Percent)</small>
!Unemployment <br /><small>(in Percent)</small>
!Government debt<br /><small>(in % of GDP)</small>
|-
|1980
|68.3
|6,376
|23.0
|{{increase}}0.2%
|{{IncreaseNegative}}9.3%
|0.6%
|n/a
|-
|1981
|{{Increase}}76.8
|{{Increase}}7,182
|{{Increase}}23.6
|{{Increase}}2.3%
|{{IncreaseNegative}}4.5%
|{{decreasePositive}}0.2%
|n/a
|-
|1982
|{{Increase}}84.0
|{{Increase}}7,850
|{{Increase}}24.1
|{{Increase}}2.8%
|{{IncreaseNegative}}7.0%
|{{Steady}}0.2%
|n/a
|-
|1983
|{{Increase}}87.9
|{{Increase}}8,235
|{{Decrease}}21.8
|{{Increase}}0.7%
|{{IncreaseNegative}}6.4%
|{{Steady}}0.2%
|n/a
|-
|1984
|{{Increase}}93.5
|{{Increase}}8,784
|{{Decrease}}21.2
|{{Increase}}2.7%
|{{IncreaseNegative}}8.7%
|{{decreasePositive}}0.1%
|n/a
|-
|1985
|{{Increase}}96.2
|{{Increase}}9,075
|{{Increase}}21.4
|{{Decrease}}−0.3%
|{{IncreaseNegative}}7.0%
|{{decreasePositive}}0.0%
|n/a
|-
|1986
|{{Increase}}99.6
|{{Increase}}9,434
|{{Increase}}24.7
|{{increase}}1.5%
|{{IncreaseNegative}}5.3%
|{{IncreaseNegative}}0.2%
|n/a
|-
|1987
|{{Increase}}106.2
|{{Increase}}10,108
|{{Increase}}27.1
|{{Increase}}4.0%
|{{IncreaseNegative}}8.7%
|{{IncreaseNegative}}0.3%
|n/a
|-
|1988
|{{Increase}}109.9
|{{Increase}}10,502
|{{Increase}}29.7
|{{Decrease}}−0.1%
|{{IncreaseNegative}}15.8%
|{{IncreaseNegative}}0.5%
|n/a
|-
|1989
|{{Increase}}115.0
|{{Increase}}11,039
|{{Increase}}30.3
|{{Increase}}0.7%
|{{IncreaseNegative}}17.0%
|{{Steady}}0.5%
|n/a
|-
|1990
|{{Steady}}115.0
|{{Increase}}11,101
|{{Increase}}34.4
|{{Decrease}}−3.5%
|{{IncreaseNegative}}29.0%
|{{IncreaseNegative}}2.1%
|n/a
|-
|1991
|{{Decrease}}104.9
|{{Decrease}}10,114
|{{Increase}}34.8
|{{Decrease}}−11.9%
|{{IncreaseNegative}}34.2%
|{{IncreaseNegative}}8.4%
|n/a
|-
|1992
|{{Decrease}}104.0
|{{Decrease}}10,027
|{{Increase}}38.7
|{{Decrease}}−3.1%
|{{IncreaseNegative}}23.0%
|{{IncreaseNegative}}9.3%
|n/a
|-
|1993
|{{Increase}}105.9
|{{Increase}}10,214
|{{Increase}}40.1
|{{Decrease}}−0.6%
|{{IncreaseNegative}}22.5%
|{{IncreaseNegative}}11.3%
|n/a
|-
|1994
|{{Increase}}111.3
|{{Increase}}10,755
|{{Increase}}43.2
|{{Increase}}2.9%
|{{IncreaseNegative}}18.9%
|{{decreasePositive}}10.1%
|n/a
|-
|1995
|{{Increase}}116.5
|{{Increase}}11,274
|{{Increase}}46.4
|{{Increase}}2.5%
|{{IncreaseNegative}}28.3%
|{{IncreaseNegative}}10.2%
|84.1%
|-
|1996
|{{Increase}}118.7
|{{Increase}}11,500
|{{Increase}}46.7
|{{Steady}}0.0%
|{{IncreaseNegative}}23.5%
|{{decreasePositive}}9.9%
|{{decreasePositive}}71.3%
|-
|1997
|{{Increase}}124.8
|{{Increase}}12,112
|{{Increase}}47.3
|{{Increase}}3.3%
|{{IncreaseNegative}}18.3%
|{{decreasePositive}}8.7%
|{{decreasePositive}}61.9%
|-
|1998
|{{increase}}131.5
|{{increase}}12,793
|{{Increase}}48.7
|{{increase}}4.2%
|{{IncreaseNegative}}14.2%
|{{decreasePositive}}7.8%
|{{decreasePositive}}59.8%
|-
|1999
|{{increase}}137.7
|{{increase}}13,427
|{{Increase}}49.1
|{{increase}}3.2%
|{{IncreaseNegative}}10.0%
|{{decreasePositive}}7.0%
|{{decreasePositive}}59.7%
|-
|2000
|{{Increase}}146.7
|{{Increase}}14,348
|{{Decrease}}47.2
|{{increase}}4.2%
|{{IncreaseNegative}}9.8%
|{{decreasePositive}}6.4%
|{{decreasePositive}}55.0%
|-
|2001
|{{Increase}}155.6
|{{Increase}}15,259
|{{Increase}}53.8
|{{Increase}}3.8%
|{{IncreaseNegative}}9.2%
|{{decreasePositive}}5.7%
|{{decreasePositive}}51.6%
|-
|2002
|{{Increase}}165.3
|{{Increase}}16,242
|{{Increase}}67.6
|{{Increase}}4.5%
|{{IncreaseNegative}}5.3%
|{{IncreaseNegative}}5.8%
|{{IncreaseNegative}}54.8%
|-
|2003
|{{Increase}}174.8
|{{Increase}}17,236
|{{Increase}}85.3
|{{Increase}}3.8%
|{{IncreaseNegative}}4.7%
|{{IncreaseNegative}}5.9%
|{{IncreaseNegative}}57.4%
|-
|2004
|{{Increase}}188.5
|{{Increase}}18,632
|{{Increase}}104.1
|{{Increase}}5.0%
|{{IncreaseNegative}}6.8%
|{{IncreaseNegative}}6.1%
|{{IncreaseNegative}}58.3%
|-
|2005
|{{Increase}}202.9
|{{Increase}}20,093
|{{Increase}}113.2
|{{Increase}}4.4%
|{{IncreaseNegative}}3.6%
|{{IncreaseNegative}}7.2%
|{{IncreaseNegative}}60.2%
|-
|2006
|{{Increase}}217.1
|{{Increase}}21,544
|{{Increase}}115.7
|{{Increase}}3.9%
|{{IncreaseNegative}}3.9%
|{{IncreaseNegative}}7.5%
|{{IncreaseNegative}}64.4%
|-
|2007
|{{Increase}}223.9
|{{Increase}}22,240
|{{Increase}}140.2
|{{Increase}}0.4%
|{{IncreaseNegative}}8.0%
|{{decreasePositive}}7.4%
|{{IncreaseNegative}}65.3%
|-
|2008
|{{Increase}}230.2
|{{Increase}}22,913
|{{Increase}}158.3
|{{Increase}}0.9%
|{{IncreaseNegative}}6.1%
|{{IncreaseNegative}}7.8%
|{{IncreaseNegative}}71.2%
|-
|2009
|{{Decrease}}216.6
|{{Decrease}}21,594
|{{Decrease}}131.1
|{{Decrease}}−6.6%
|{{IncreaseNegative}}4.2%
|{{IncreaseNegative}}10.0%
|{{IncreaseNegative}}77.5%
|-
|2010
|{{increase}}220.6
|{{increase}}22,026
|{{Increase}}132.2
|{{increase}}0.7%
|{{IncreaseNegative}}4.9%
|{{IncreaseNegative}}11.2%
|{{IncreaseNegative}}80.2%
|-
|2011
|{{Increase}}228.9
|{{increase}}22,923
|{{Increase}}141.9
|{{increase}}1.7%
|{{IncreaseNegative}}3.9%
|{{decreasePositive}}11.0%
|{{IncreaseNegative}}80.4%
|-
|2012
|{{Increase}}229.5
|{{Increase}}23,107
|{{Decrease}}128.8
|{{Decrease}}−1.6%
|{{IncreaseNegative}}5.7%
|{{Steady}}11.0%
|{{decreasePositive}}78.4%
|-
|2013
|{{Increase}}238.4
|{{Increase}}24,060
|{{Increase}}135.7
|{{Increase}}2.0%
|{{Increase}}1.7%
|{{decreasePositive}}10.2%
|{{decreasePositive}}77.1%
|-
|2014
|{{Increase}}253.1
|{{Increase}}25,623
|{{Increase}}141.0
|{{Increase}}4.2%
|{{decreasePositive}}−0.2%
|{{decreasePositive}}7.7%
|{{decreasePositive}}76.6%
|-
|2015
|{{Increase}}264.8
|{{Increase}}26,863
|{{Decrease}}125.2
|{{Increase}}3.5%
|{{decreasePositive}}−0.1%
|{{decreasePositive}}6.8%
|{{IncreaseNegative}}76.7%
|-
|2016
|{{Increase}}273.6
|{{Increase}}27,833
|{{Increase}}128.6
|{{Increase}}2.3%
|{{Increase}}0.4%
|{{decreasePositive}}5.1%
|{{decreasePositive}}76.0%
|-
|2017
|{{Increase}}290.3
|{{Increase}}29,627
|{{Increase}}143.1
|{{Increase}}4.1%
|{{IncreaseNegative}}2.4%
|{{decreasePositive}}4.2%
|{{decreasePositive}}73.4%
|-
|2018
|{{Increase}}312.1
|{{Increase}}31,914
|{{Increase}}160.6
|{{Increase}}4.9%
|{{IncreaseNegative}}2.8%
|{{decreasePositive}}3.7%
|{{decreasePositive}}70.8%
|-
|2019
|{{Increase}}336.6
|{{Increase}}34,445
|{{Increase}}164.0
|{{Increase}}4.9%
|{{IncreaseNegative}}3.4%
|{{decreasePositive}}3.3%
|{{decreasePositive}}65.3%
|-
|2020
|{{Decrease}}325.5
|{{Decrease}}33,320
|{{Decrease}}157.2
|{{Decrease}}-4.5%
|{{IncreaseNegative}}3.3%
|{{IncreaseNegative}}4.2%
|{{IncreaseNegative}}79.3%
|-
|2021
|{{Increase}}364.4
|{{Increase}}37,443
|{{Increase}}182.3
|{{Increase}}7.1%
|{{IncreaseNegative}}5.1%
|{{decreasePositive}}4.1%
|{{decreasePositive}}76.8%
|-
|2022
|{{Increase}}409.0
|{{Increase}}42,044
|{{Increase}}177.8
|{{Increase}}4.9%
|{{IncreaseNegative}}14.5%
|{{decreasePositive}}3.6%
|{{decreasePositive}}76.4%
|-
|2023
|{{Increase}}426.9
|{{Increase}}43,907
|{{Increase}}212.5
|{{Increase}}0.6%
|{{IncreaseNegative}}17.7%
|{{IncreaseNegative}}4.1%
|{{decreasePositive}}73.2%
|-
|2024
|{{Increase}}450.4
|{{Increase}}46,332
|{{Increase}}228.8
|{{Increase}}3.1%
|{{IncreaseNegative}}5.4%
|{{decreasePositive}}3.8%
|{{decreasePositive}}70.0%
|-
|2025*
|{{Increase}}476.9
|{{Increase}}49,944
|{{Increase}}232.0
|{{Increase}}3.3%
|{{IncreaseNegative}} 3.5%
|{{IncreaseNegative}} 4.1%
|{{IncreaseNegative}} 72.0%
|}

The data is sourced from the International Monetary Fund (IMF)'s '''World Economic Outlook''' database, published in April 2024.<ref>{{cite web |title=World Economic Outlook Database, April 2024 |url=https://www.imf.org/en/Publications/WEO/weo-database/2024/April/weo-report?c=944,&s=NGDPD,PPPGDP,NGDPDPC,PPPPC,PCPIPCH,LUR,GGXWDG_NGDP,&sy=2022&ey=2025&ssm=0&scsm=1&scc=0&ssd=1&ssc=0&sic=0&sort=country&ds=.&br=1 |access-date=19 July 2025 |publisher=International Monetary Fund}}</ref>

Please be advised that the figures for the year 2025 are forecasts (estimates) and not final statistics, as the year has not yet concluded. The designation " * " is used in the table to signify that these numbers are projections and are subject to change.

'''Households with access to fixed and mobile telephony''' [http://portal.ksh.hu/pls/ksh/docs/eng/xftp/gyor/tav/etav21109.pdf Quick facts – Telecommunication market in Hungary – Hungarian Statistical office (3Q 2011)] {{dead link|date=December 2021 |bot=InternetArchiveBot |fix-attempted=yes}}
* ''number of households'' – 4,001,976 (October 2011)
* ''number of landline telephones'' – 2,884,000 (October 2011)
* ''landline telephones / households'' – 72.1% (October 2011)
* ''landline telephones / inhabitants'' – 28.9% (October 2011)
* ''number of mobile telephone subscriptions'' – 11,669,000 (October 2011)
* ''mobile telephone subscriptions / inhabitants (Mobile telephone penetration)'' – 117.1% (December 2011)

'''Broadband penetration rate'''
* ''number of fixed broadband'' – 2,111,967 (October 2011)
* ''number of mobile broadband'' – 1,872,178 (October 2011)
* ''fixed broadband per households'' – 52.8% (December 2011)
* ''mobile broadband per households'' – 43.4% (January 2012)

'''Individuals using computer and internet'''<ref name="ceeitandtelecom.com">{{cite web|url=http://www.ceeitandtelecom.com/CEE_ICT_data.shtml |title=IT and telecommunications in Central and Eastern Europe |publisher=Ceeitandtelecom.com |access-date=2 April 2012 |url-status=dead |archive-url=https://web.archive.org/web/20131011091725/http://www.ceeitandtelecom.com/CEE_ICT_data.shtml |archive-date=11 October 2013}}</ref>
* ''computer'' – 65% (2009)
* ''internet'' – 62% (2009)

== External relations ==
Hungary joined the European Union on 05/01/2004 after a successful referendum<ref name="3254referendum_on_the_ac">{{cite web |url=http://www.valasztas.hu/en/ep2009/199/199_0.html |title=Referendum on the {{sic|acces|ion|nolink=y}} to the European Union 2003 |date=12 April 2003 |publisher=National Election Office |access-date=18 January 2010 |archive-url=https://web.archive.org/web/20090813043811/http://www.valasztas.hu/en/ep2009/199/199_0.html |archive-date=13 August 2009 |url-status=dead}}</ref> among the [[2004 enlargement of the European Union|EU-10]]. The EU's free trade system helps Hungary, as it is a relatively small country and thus needs export and import.

After the accession to the EU, Hungarian workers could immediately go to work to Ireland, Sweden and the United Kingdom. Other countries imposed restrictions.<ref name="4876eu_free_movement_of_">{{cite news |url=https://news.bbc.co.uk/2/hi/europe/3513889.stm |title=EU free movement of labour map |date=17 April 2009 |publisher=BBC |access-date=18 January 2010 | location=London}}</ref>

In 2007, 25% of all exports of Hungary were of high technology, which is the 5th largest ratio in the European Union after Malta, Cyprus, Ireland, and the Netherlands. The EU10 average was 17.1% and the Eurozone average was 16% in 2007.<ref name="key_development_data"/>

== See also ==
{{Portal|Hungary|European Union|Business}}
* [[List of Hungarian counties by GDP]]
* [[List of Hungarians by net worth]]
* [[Taxation in Hungary]]
* [[Science and technology in Hungary]]
* [[Education in Hungary]]
* [[List of Hungarian companies]]
* [[Budapest Stock Exchange]]
* [[Budapest metropolitan area]]
* [[Hungarian National Bank]]
* [[Economy of Europe]]
* [[Economy of the European Union]]

==References==
{{Reflist}}

==External links==
{{Commons category|Economy of Hungary}}
* [http://www.ksh.hu/?lang=en Economy] at the [[Hungarian Central Statistical Office]]
* [http://www.kormany.hu/en/ministry-for-national-economy Ministry for National Economy – Leading economy news] {{Webarchive|url=https://web.archive.org/web/20170506052514/http://www.kormany.hu/en/ministry-for-national-economy |date=6 May 2017}}
* [http://www.mnb.hu/en Central Bank of Hungary – Leading finance news]
* [https://www.cia.gov/the-world-factbook/countries/hungary/ Hungary profile] at the [[CIA World Factbook]]
* [http://data.worldbank.org/country/hungary Hungarian economy profile] at [[The World Bank]]
* [http://www.oecd.org/hungary/ Hungarian economy profile] at the [[Organisation for Economic Co-operation and Development]]
* [http://www.imf.org/external/country/HUN/index.htm Hungarian economy profile] at the [[International Monetary Fund]]

{{Hungary articles}}
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[[Category:Economy of Hungary| ]]
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[[Category:World Trade Organization member economies|Hungary]]
[[Category:Economic history of Hungary]]
[[Category:Economies of Europe by country|Hungary]]