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| Government Type |
parliamentary democracy |
| Legal System |
rule of law based on Western model |
| Currency |
forint (HUF) |
| Economic Overview |
Hungary continues to demonstrate strong economic growth and to work toward accession to the European Union. The private sector accounts for over 80% of GDP. Foreign ownership of and investment in Hungarian firms is widespread, with cumulative foreign direct investment totaling more than $23 billion since 1989. Hungarian sovereign debt was upgraded in 2000 to the second-highest rating among all the Central European transition economies. Inflation and unemployment - both priority concerns in 2001 - have declined substantially. The key short-term issue is the reduction of the public sector deficit from its current 6% of GDP to 4.5% in 2003 and 3% in 2004. |
| Natural Resources |
bauxite, coal, natural gas, fertile soils, arable land |
| Primary Industries |
mining, metallurgy, construction materials, processed foods, textiles, chemicals (especially pharmaceuticals), motor vehicles |
| Agricultural Products |
wheat, corn, sunflower seed, potatoes, sugar beets; pigs, cattle, poultry, dairy products |
| Import Commodities |
machinery and equipment 51.6%, other manufactures 35.3%, fuels and electricity 8.2%, food products 2.9%, raw materials 2.0% (2001) |
| Export Commodities |
machinery and equipment 57.6%, other manufactures 31.0%, food products 7.5%, raw materials 1.9%, fuels and electricity 1.9% (2001) |
| Export Partners |
Germany 34.9%, Austria 8.7%, Italy 5.9%, US 5.6% (2000) |
| AIRPORTS of Hungary |
| Budapest - Ferihegy Airport |
The airport is located 24km (15 miles) southeast of central Budapest |
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