Diplomatic representation from the US: chief of mission: Ambassador Nancy Goodman BRINKER embassy: 1054 Szabadsag ter 12, Budapest mailing address: pouch: American Embassy Budapest, 5270 Budapest Place, Department of State, Washington, DC 20521-5270 telephone: [36] (1) 475-4400 FAX: [36] (1) 475-4764
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Economy Hungary
Economy - overview:
Hungary has made the transition from a centrally planned to a
market economy, with a per capita income one-half that of the Big
Four European nations. Hungary continues to demonstrate strong
economic growth and to work toward accession to the European Union
in May 2004. The private sector accounts for over 80% of GDP.
Foreign ownership of and investment in Hungarian firms are
widespread, with cumulative foreign direct investment totaling more
than $23 billion since 1989. Hungarian sovereign debt was upgraded
in 2000 to the second-highest rating among all the Central European
transition economies. Inflation has declined substantially, from 14%
in 1998 to 4.7% in 2003; unemployment has persisted around the 6%
level. Germany is by far Hungary's largest economic partner.
Short-term issues include the reduction of the public sector deficit
to 3% in 2004 and avoiding unjustified increases in wages.
GDP:
purchasing power parity - $134 billion (2002 est.)
GDP - real growth rate:
3.3% (2002 est.)
GDP - per capita:
purchasing power parity - $13,300 (2002 est.)
GDP - composition by sector: agriculture: 4.1% industry: 33.8% services: 62.1% (2000 est.)
Population below poverty line: 8.6% (1993 est.)
Household income or consumption by percentage share: lowest 10%: 4.1% highest 10%: 20.5% (1998)