title
macrohistory & world report

Republic of Hungary

Map of Hungary

Hungary (capital Budapest) and neighboring states

World Factbook as of November 2014: "The global economic downturn, declining exports, and low domestic consumption and fixed asset accumulation, dampened by government austerity measures, resulted in a severe economic contraction 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... At the end of 2011 the government turned to the IMF and the EU to obtain financial backstop to support its efforts to refinance foreign currency debt and bond obligations in 2012 and beyond, but Budapest's rejection of EU and IMF economic policy recommendations led to a breakdown in talks with the lenders in late 2012. Global demand for high yield has since helped Hungary to obtain funds on international markets. Hungary's progress reducing its deficit to under 3% of GDP led the European Commission in 2013 to permit Hungary for the first time since joining the EU in 2004 to exit the Excessive Deficit Procedure."

BBC News: "A high level of both private and state borrowing left the country particularly vulnerable to the credit crunch of 2008, and in October of that year the government was forced to appeal to the International Monetary Fund and the European Central Bank for massive loans in a bid to stave off economic collapse."

Economic growth rate
2011: 1.4%
2010: 1.3%
2009: minus 6%

Public debt
2011: 82.6% of GDP
2010: 79.6% of GDP

Unemployment rate:
2011: 10.9%
2010: 11.2%

Exports
2009: machinery and equipment 55.3%, other manufactures 30.6%, food products 7.4%, raw materials 3.2%, fuels and electricity 3.3%

Export/inport ratio
2011: exports 109.8% of imports in cash values – positive balance

Income Distribution – GINI index
Ranks 138th among 140 countries (higher rank number is more equal, lower rank less equal). more equal than Britain, which ranks 94th, and the US, wh

Health care
Encyclopedia of the Nations: "By the end of 1974, 99% of the population was covered by social insurance and enjoyed free medical services; those few not insured pay for medical and hospital care."

Health expenditures
2009: 8.2% of GDP

Military expenditures as a percentage of GDP
2005: 1.75%

People

Living in an urban area
2010: 68%

Ethnic groups
2001 census: Hungarian 92.3%, Roma 1.9%, other or unknown 5.8%

Religions
2001 census: Roman Catholic 51.9%, Calvinist 15.9%, Lutheran 3%, Greek Catholic 2.6%, other Christian 1%, other or unspecified 11.1%, unaffiliated 14.5%

Geography

Central Europe. Landlocked. Surrounded clockwise by Slovakia, Ukraine, Romania, Serbia-Montenegro, Croatia, Slovenia, Austria. Slightly smaller than Indiana.

Government

Parliamentary democracy. Capital: Budapest

Recent History

Mach 23-24,1949: Premier Károly Grósz meets Mikhail Gorbachev in Moscow, who condones Hungary's moves toward a multi-party system and promises that the Soviet Union will not interfere in Hungary's internal affairs.

1990: Hungary's stock exchange opens in Budapest, a centre-right coalition wins elections and, in June, Hungary withdraws from any participation in Warsaw Pact military exercises.

1991: Soviet forces withdraw from Hungary. The Warsaw Pact is dissolved.

1999: Hungary joins the North Atlantic Treaty Organization (NATO)..

SOURCES:
The World Factbook

Copyright © 2009-2013 by Frank E. Smitha. All rights reserved.