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    Hungary Economy 2000

      Economy - overview: Hungary continues to demonstrate strong economic growth and to work toward accession to the European Union. Over 85% of the economy has been privatized. Foreign ownership of and investment in Hungarian firms has been widespread with cumulative foreign direct investment $21 billion by 1999. Hungarian sovereign debt is now rated investment grade. GDP growth of 4% in 1999 will likely be matched or even exceeded in 2000. Inflation, while diminished, is still high at 10%. Economic reform measures include regional development, encouragement of small- and medium-size enterprises, and support of housing.

      GDP: purchasing power parity - $79.4 billion (1999 est.)

      GDP - real growth rate: 4% (1999 est.)

      GDP - per capita: purchasing power parity - $7,800 (1999 est.)

      GDP - composition by sector:
      agriculture: 5%
      industry: 30%
      services: 65% (1999 est.)

      Population below poverty line: 25.3% (1993 est.)

      Household income or consumption by percentage share:
      lowest 10%: 4.1%
      highest 10%: 24% (1993)

      Inflation rate (consumer prices): 10% (1999 est.)

      Labor force: 4.2 million (1997)

      Labor force - by occupation: services 65%, industry 27%, agriculture 8% (1996)

      Unemployment rate: 10% (1999 est.)

      Budget:
      revenues: $13.5 billion
      expenditures: $15.1 billion, including capital expenditures of $NA (1999 est.)

      Industries: mining, metallurgy, construction materials, processed foods, textiles, chemicals (especially pharmaceuticals), motor vehicles

      Industrial production growth rate: 6% (1999 est.)

      Electricity - production: 35.104 billion kWh (1998)

      Electricity - production by source:
      fossil fuel: 61%
      hydro: 1%
      nuclear: 38%
      other: 0% (1999 est.)

      Electricity - consumption: 33.317 billion kWh (1998)

      Electricity - exports: 3.3 billion kWh (1998)

      Electricity - imports: 3.97 billion kWh (1998)

      Agriculture - products: wheat, corn, sunflower seed, potatoes, sugar beets; pigs, cattle, poultry, dairy products

      Exports: $22.6 billion (f.o.b., 1999)

      Exports - commodities: machinery and equipment 51.9%, other manufactures 32.7%, agriculture and food products 10.5%, raw materials 2.9%, fuels and electricity 1.9% (1998)

      Exports - partners: Germany 37%, Austria 11%, Italy 6%, Netherlands 5% (1998)

      Imports: $25.1 billion (f.o.b., 1999)

      Imports - commodities: machinery and equipment 46.5%, other manufactures 40.2%, fuels and electricity 6.6%, agricultural and food products 3.7%, raw materials 3.0% (1998)

      Imports - partners: Germany 28%, Austria 10%, Italy 8%, Russia 7% (1998)

      Debt - external: $27 billion (1999)

      Economic aid - recipient: $122.7 million (1995)

      Currency: 1 forint (Ft) = 100 filler

      Exchange rates: forints per US$1 - 251.150 (January 2000), 237.146 (1999), 214.402 (1998), 186.789 (1997), 152.647 (1996), 125.681 (1995)

      Fiscal year: calendar year

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