Economy Hungary: Major Economic Indices 2005-2007
| 2005 | 2006 | 2007 | | Pc | Value | Pc | Value | Pc | Value | GDP
(HUF) |
4.1
|
21,785bn
|
3.9
|
23,562bn
|
1.3
|
25,374bn
| Per capita GDP (EUR) | |
8,707
| |
8,850
| |
|
Investments
|
6.4
| |
-2.0
| |
0.3
| |
Consumer price index
|
3.6
| |
3.9
| |
8.0
| | Current account balance (EUR) | |
-6.013bn
| |
-5.835bn
| |
-5.06bn
| Public finance balance (HUF) | |
-984.4bn
| |
-2,036.3bn
| |
-1,291.4bn
|
Deficit/GDP
|
4.4
| |
8.7
| |
5.0
| | Trade balance
(EUR) | |
-2.84bn
| |
-2.379bn
| |
-308bn
|
Employment numbers
| |
3,901,000
| |
3,930,000
| |
|
Jobless rate
|
7.2
| |
7.5
| |
7.4
| |
Jobless numbers
| |
304,000
| |
317,000
| |
312,000
|
Growth in gross average earnings
|
8.8
| |
8.1
| |
8.0
| |
Growth in net average earnings
|
10.1
| |
7.5
| |
2.8
| |
Growth in real earnings
|
6.3
| |
3.5
| |
4.8
| |
Hungary's economy is mainly industrial and agricultural; the country possesses only few natural resources. Although there are some oil, natural gas, coal and other mineral deposits, and the building industry can rely on raw materials from home, most are imported. Industry is dominant in the Hungarian economy. Top sectors are in engineering, which includes some highly labour-intensive operations, machinery and vehicles (mostly exported) and various end products. Agriculture is essentially divided equally between crop growing and stock keeping (hogs, cattle, horses, sheep and poultry). Top crops include wheat, maize, potatoes, sugar beets, sunflowers, malt, tobacco, hemp, flax, onions, paprika-peppers, fruit and wine grapes. There are several historical wine-growing regions with significant exports.
In the 1990s, central planning was abolished and a market economy introduced. By the end of 2000, 86pc of the gross domestic product (GDP) came from the private sector. After initial years of crisis triggered by the political transformation and collapse of East European markets in the early 1990s, the country's economy began showing marked improvement towards the end of the decade.
European Union country reports began giving Hungary better assessments, and in 1998 the country was invited to begin negotiations to join EU. Hungary became a full member of the European Union on May 1, 2004.
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