Legislative branch: unicameral National Assembly or Orszaggyules
(386 seats; members are elected by popular vote under a system of
proportional and direct representation to serve four-year terms)
elections: last held on 10 and 24 May 1998 (next to be held May/June
2002)
election results: percent of vote by party (5% or more of the vote
required for parliamentary representation in the first round)—MSZP
32.0%, FIDESZ 28.2%, FKGP 13.8%, SZDSZ 7.9%, MIEP 5.5%, MMP 4.1%,
MDF 2.8%, KDNP 2.3%, MDNP 1.5%; seats by party—MSZP 134, FIDESZ 148,
FKGP 48, SZDSZ 24, MDF 17, MIEP 14, independent 1; note—the MDF won
17 single-member district seats
Judicial branch: Constitutional Court, judges are elected by the
National Assembly for a nine-year term
Political parties and leaders: Hungarian Democratic Forum or MDF GICZY, president]; Hungarian Democratic People's Party or MDNP note: the Hungarian Socialist (Communist) Workers' Party or MSZMP renounced communism and became the Hungarian Socialist Party or MSZP in October 1989; the MDNP was formed in March 1996 by breakaway members of the Hungarian Democratic Forum
International organization participation: Australia Group, BIS,
CCC, CE, CEI, CERN, EAPC, EBRD, ECE, EU (applicant), FAO, G- 9,
IAEA, IBRD, ICAO, ICFTU, ICRM, IDA, IEA, IFC, IFRCS, ILO, IMF, IMO,
Inmarsat, Intelsat, Interpol, IOC, IOM, ISO, ITU, MONUA, MTCR, NAM
(guest), NEA, NSG, OAS (observer), OECD, OPCW, OSCE, PCA, PFP, UN,
UNCTAD, UNESCO, UNFICYP, UNHCR, UNIDO, UNIKOM, UNMIBH, UNOMIG, UNU,
UPU, WEU (associate partner), WFTU, WHO, WIPO, WMO, WToO, WTrO, ZC
Diplomatic representation in the US: chief of mission: Ambassador Geza JESZENSZKY chancery: 3910 Shoemaker Street NW, Washington, DC 20008 consulate(s) general: Los Angeles and New York
Diplomatic representation from the US: chief of mission: Ambassador Peter F. TUFO embassy: V. 1054 Szabadsag Ter 12, Budapest mailing address: pouch: American Embassy Budapest, Department of State, Washington, DC 20521-5270
Flag description: three equal horizontal bands of red (top), white, and green
Economy
Economy—overview: Hungary has consolidated its March 1995 stabilization program and undergone enough restructuring to become an established market economy. The country appears to have entered a period of sustainable growth, gradually falling inflation, and stable external balances. The government's main economic priorities are to complete structural reforms, particularly the implementation of the 1997 pension reform act (the first in the region), taxation reform, and planning for comprehensive health care, local government finance reform, and the reform of education at all levels. Foreign investment has totaled more than $17 billion through 1998. In recognition of Hungary's improved macroeconomic situation, all major credit-rating agencies listed the country's foreign currency debt issuances as investment grade in 1996. The current IMF stand-by arrangement expired in February 1998, and Budapest and the IMF agree that there is no need to renew it. The OECD welcomed Hungary as a member in May 1996, and in December 1997 the EU invited Hungary to begin the accession process. Forecasters expect 4%-5% growth in 1999.
GDP: purchasing power parity—$75.4 billion (1998 est.)