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1 Hungary Country Profile Hungary Country Profile Hungary Country Profile Politics Economy Trade & Industries General Profile Total area 93,028 sq km Population 9,958,453 (July 2012 est.) Government type parliamentary democracy (Acting) President Laszlo KOVER (since 2 April 2012); note - Pal SCHMITT resigned the presidency on 2 Chief of state April 2012; Laszlo KOVER will serve as interim president until Parliament elects a replacement Head of government Prime Minister Viktor ORBAN (since 29 May 2010) Capital Budapest Temperate; Cold, Cloudy, Humid Winters; Warm Climate Summers Hungarian 93.6%, other or unspecified 6.4% (2001 Language census) Major City Budapest (Capital) 1.705 million (2009) Economy Profile 2009 2010 2011 World GDP Growth -5% 9% - Hungary GDP Growth -6.8% 1.3% 1.4% GDP $133.1 billion (2011 est.) GDP – Per capita $19,600 (2011 est.) Agriculture: 3.7% GDP – Composition by sector Industry: 31.3% Services: 65% (2011 est.) Inflation 3.9% (2011 est.) General Profile General forints (HUF) per US dollar – Exchanges Rates 195.9 (2011 est.) Chapter: Chapter: 1 Mining, Metallurgy, Construction Materials, Primary Economy Sector Processed Foods, Textiles, Chemicals (Especially Pharmaceuticals), Motor Vehicles Unemployment Rate 10.9% Economy Profile Economy Chapter: Chapter: 2 Ports and Terminals Budapest, Dunaujvaros, Gyor-Gonyu, Csepel, Baja, Mohacs International Airports Budapest - Ferugehy Airport Janos ADER elected president; National Assembly vote - 262 to 40; Viktor ORBAN elected prime minister; National Election results Assembly vote - 261 to 107; note - Janos ADER will assume office on 10 May 2012 Min. of Defense Csaba HENDE Min. of National Economy Gyorgy MATOLCSY Min. of Foreign Affairs Janos MARTONYI Min. of Interior Sandor PINTER Ministry Name Min. of National Development Zsuzsanna NEMETH Min. of National Resources Miklos RETHELYI Min. of Public Admin. & Justice Tibor NAVRACSICS Min. of Rural Development Sandor FAZEKAS Min. Without Portfolio Tamas FELLEGI Christian Democratic People's Party or KDNP [Zsolt SEMJEN]; Democratic Coalition [Ferenc GYURCSANY]; Fidesz-Hungarian Political parties and Civic Alliance or Fidesz [Viktor ORBAN, chairman]; Hungarian leaders Socialist Party or MSzP [Attila MESTERHAZY]; Movement for a Better Hungary or Jobbik [Gabor VONA]; Politics Can Be Different or LMP [13-member leadership] 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. The private sector accounts for more than 80% of GDP. Foreign ownership of and investment in Hungarian firms are widespread, with cumulative foreign direct investment worth more than $70 billion. In late 2008, Hungary's impending inability to service its short-term debt - brought on by the global financial crisis - led Budapest to obtain an IMF/EU/World Bank-arranged financial assistance package worth over $25 billion. The global economic downturn, declining exports, and low Hungary Economy domestic consumption and fixed asset accumulation, Characteristics dampened by government austerity measures, resulted in an economic contraction of 6.8% in 2009. In 2010 the new government implemented a number of changes including cutting business and personal income taxes, but imposed "crisis taxes" on financial institutions, energy and telecom companies, and retailers. The IMF/EU bail-out program lapsed at the end of the year and was replaced by Post Program Monitoring and Article IV Consultations on overall economic and fiscal processes. The economy began to recover in 2010 with a big boost from exports, especially to Terminals Ports and Germany, and achieved growth of approximately 1.4% in 2011. At the end of 2011 the government turned to the IMF Chapter: Chapter: 3 and the EU to obtain a new loan for foreign currency debt and bond obligations in 2012 and beyond. Whether negotiations result in a loan depend on Hungary meeting EU and IMF requirements for ensuring the independence of monetary, judicial, and data privacy institutions. The EU also launched an Excessive Deficit Procedure and requested that the government outline measures to sustainably reduce the budget deficit to under 3% of GDP. Unemployment remained high, at nearly 11% in 2011. Ongoing economic weakness in Western Europe is likely to further constrain growth in 2012. Australia Group, BIS, CD, CE, CEI, CERN, EAPC, EBRD, EIB, ESA (cooperating state), EU, FAO, G-9, IAEA, IBRD, ICAO, ICC, ICRM, IDA, IEA, IFAD, IFC, IFRCS, ILO, IMF, IMO, IMSO, International Interpol, IOC, IOM, IPU, ISO, ITSO, ITU, ITUC, MIGA, organization MINURSO, NATO, NEA, NSG, OAS (observer), OECD, OIF participation (observer), OPCW, OSCE, PCA, Schengen Convention, SELEC, UN, UNCTAD, UNESCO, UNFICYP, UNHCR, UNIDO, UNIFIL, UNWTO, UPU, WCO, WFTU, WHO, WIPO, WMO, WTO, ZC Mining, Metallurgy, Construction Materials, Vehicles, Chemicals, Main Industry Pharmaceuticals, Textiles And Food Processing (http://worldinfozone.com/country.php?country=Hungary&page=2) Biggest Company MOL Hungarian Oil, OTP Bank International organization participation organization International Chapter: Chapter: 4 .
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