Hungary
Official Country Name
Hungary
Hungary Overview
Hungary was part of the polyglot Austro-Hungarian Empire, which collapsed during World War I. The country fell under Communist rule following World War II. In 1956, a revolt and an announced withdrawal from the Warsaw Pact were met with a massive military intervention by Moscow. Under the leadership of Janos KADAR in 1968, Hungary began liberalizing its economy, introducing so-called "Goulash Communism." Hungary held its first multiparty elections in 1990 and initiated a free market economy. It joined NATO in 1999 and the EU in 2004
Hungary Economy
Hungary has made the transition from a centrally planned to a market economy, with a per capita income nearly two-thirds that of the EU-25 average. Hungary continues to demonstrate strong economic growth and acceded to the EU in May 2004. The private sector accounts for over 80% of GDP. Foreign ownership of and investment in Hungarian firms are widespread, with cumulative foreign direct investment totaling more than $60 billion since 1989. Hungary issues investment-grade sovereign debt. International observers, however, have expressed concerns over Hungary's fiscal and current account deficits. Inflation has declined from 14% in 1998 to 3.7% in 2006. Unemployment has persisted above 6%. Hungary's labor force participation rate of 57% is one of the lowest in the Organization for Economic Cooperation and Development (OECD). Germany is by far Hungary's largest economic partner. Policy challenges include cutting the public sector deficit to 3% of GDP by 2008, from about 6.5% in 2006, and tackling a persistent trade deficit. The current government has announced and begun to implement an austerity program designed to address these issues, leading to eventual adoption of the euro.
Hungary Location
Hungary is located in Central Europe, northwest of Romania
Region
Hungary is located in Europe
Hungary Population
Hungary has population of 9,981,334 (July 2006 est.)
Hungary Climate
Hungary has temperate; cold, cloudy, humid winters; warm summers
Hungary Terrain
mostly flat to rolling plains; hills and low mountains on the Slovakian border
Hungary Natural Resources
bauxite, coal, natural gas, fertile soils, arable land
Ethnic Groups in Hungary
Hungary has the following ethnic groups - Hungarian 92.3%, Roma 1.9%, other or unknown 5.8% (2001 census)
Hungary Religions
Roman Catholic 51.9%, Calvinist 15.9%, Lutheran 3%, Greek Catholic 2.6%, other Christian 1%, other or unspecified 11.1%, unaffiliated 14.5% (2001 census)
Hungary Languages
Hungarian 93.6%, other or unspecified 6.4% (2001 census)
Hungary Capital
Hungary capital is Budapest
Hungary Currency
Hungary currency is forint
Map of Hungary
