FAX: [36] (1) 475-4764
Flag description:
three equal horizontal bands of red (top), white, and green; the flag dates to the national movement of the 18th and 19th centuries, and fuses the medieval colors of the Hungarian coat of arms with the revolutionary tricolor form of the French flag; folklore attributes virtues to the colors: red for strength, white for faithfulness, and green for hope; alternatively, the red is seen as being for the blood spilled in defense of the land, white for freedom, and green for the pasturelands that make up so much of the country
National anthem:
name: "Himnusz" (Hymn)
lyrics/music: Ferenc KOLCSEY/Ferenc ERKEL
note: adopted 1844; the anthem is also known as "Isten, aldd meg a magyart" (God, Bless the Hungarians)
Economy ::Hungary
Economy - overview:
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. The government's austerity measures, imposed since late 2006, have reduced the budget deficit from over 9% of GDP in 2006 to 3.8% in 2010. Hungary's impending inability to service its short-term debt - brought on by the global financial crisis in late 2008 - led Budapest to obtain an IMF-arranged financial assistance package worth over $25 billion. The global economic downturn, declining exports, and low domestic consumption and fixed asset accumulation, dampened by government austerity measures, resulted in an economic contraction of 6.3% in 2009. The economy rebounded in 2010 with a big boost from exports, and growth of more than 2.5% is expected in 2011. Unemployment remained high, at more than 11%.