Hungary

Hungary has continued to demonstrate economic growth as one of the newest member countries of the European Union (since 2004). The private sector accounts for over 80% of GDP. Hungary gets nearly one third of all foreign direct investment flowing into Central Europe, with cumulative foreign direct investment totaling more than US$185 billion since 1989. It enjoys strong trade, fiscal, monetary, investment, business, and labor freedoms. The top income tax rate is fairly high, but corporate taxes are low. Inflation is low, it was on the rise in the past few years, but it is now starting to regulate. Investment in Hungary is easy, although it is subject to government licensing in security-sensitive areas. Foreign capital enjoys virtually the same protections and privileges as domestic capital. The rule of law is strong, a professional judiciary protects property rights, and the level of corruption is low.

Demographic Data

Economic Data

Cultural & Other Data

GDP (PPP, $bn)

205.7

Capital

Budapest

Area (sq. km.)

93,030

GDP Real

Growth (%)

-1.5

Other Large Cities

Debrecen, Miskolc, Szeged, Pecs

Population (million)

9.9

PerCap GDP ($)

19,800

Primary Language

Hungarian

Population

Growth %

-0.257

Prime Lending

Rate (%)

9.48

Urban

Population %

68

% Population

Under 15yrs

15

Inflation Rate%

6.1

Urban Growth %

0.3

Population below

poverty line (%)

8.6

Unemployment%

8

Literacy

(% of population)

99.4

Agricultural Workers

(% of population)

5

Foreign Direct

Investment($bn)

152.4

Education spending

as % of GDP

5.5

Industrial Workers

(% of population)

32

Debt-External

($bn)

144.2

CPI Score

(1-10)*

5.1

Service Workers

(% of population)

63

Exports ($bn)

109.3

Corporate Income Tax %

16

Labor Force (mil)

4.2

Imports ($bn)

107.5

Ease of Doing

Business Ranking **

41

CURRENCY EXCHANGE RATE

05/27/09 $1 = 203 HUF

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