Economy of Hungary
Hungary is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. As a developing nation, Hungary may not be able to offer consistent social services to its citizens. These social services may include things like public education, reliable healthcare, and law enforcement. Citizens of developing nations may have lower life expectancies than citizens of developed nations. Each year, Hungary exports around $92.98 billion and imports roughly $89.52 billion. 3.8% of population in the country are unemployed. The total number of unemployed people in Hungary is 368,176. In Hungary, 14.9% of the population lives below the poverty line. The percentage of citizens living below the poverty line in Hungary is low, indicating that it has a stable economy. Investors should consider Hungary to be a safe location for investments and other financial ventures. Government expenditure on education is 5.2% of GDP. The Gini Index of the country is 24.7. Hungary is experiencing high equality. Differences in income among citizens are only mildly significant. Hungary has a Human Development Index (HDI) of 0.818. Hungary has a high HDI score. This indicates that the majority of citizens will be able to attain a desirable life while providing substantial aid and assistance to citizens with lower living standards. The Global Peace Index (GPI) for Hungary is 1.463. Due to strong law enforcement presence and high social responsibility, Hungary is very safe by international standards. The strength of legal rights index for Hungary is 10. Overall, it is considered to be rather strong - bancrupcy and collateral laws are able to protect the rights of borrowers and lenders quite well; credit information is abundant and easily accessible.
The currency of Hungary is Hungarian forint. The plural form of the word Hungarian forint is forints. The symbol used for this currency is Ft, and it is abbreviated as HUF. The Hungarian forint is divided into Filler; there are 100 in one forint.
The depth of credit information index for Hungary is 5, which means that information is usually sufficient and quite accessible, although occasionally some necessary details may be lacking. According to the S&P credit-rating agency, Hungary has a credit rating score of BB+, and the prospects of this rating are stable. According to the Fitch credit-rating agency, Hungary has a credit rating score of BB+, and the prospects of this rating are stable. According to the Moody's credit-rating agency, Hungary has a credit rating score of Ba1, and the prospects of this rating are positive.
In Hungary, the institution that manages the state's currency, money supply, and interest rates is called Hungarian National Bank. Locally, the central bank of Hungary is called Magyar Nemzeti Bank. The average deposit interest rate offered by local banks in Hungary is 1.4%.
The government debt of Hungary has not been calculated yet.
The corporate tax in Hungary is set at 19%. VAT in Hungary is 27%.
The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Hungary is $247113 billion. The Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) per capita in Hungary was last recorded at $26 million. PPP in Hungary is considered to be below average when compared to other countries. Below average PPP indicates that citizens in this country find it difficult to purchase local goods. Local goods can include food, shelter, clothing, health care, personal care, essential furnishings, transportation and communication, laundry, and various types of insurance. Countries with below average PPP are dangerous locations for investments. The total Gross Domestic Product (GDP) in Hungary is 133,424 billion. Based on this statistic, Hungary is considered to have a medium economy. Countries with medium economies support an average number of industries and opportunities for investment. It should not be too difficult to find worthwhile investment opportunities in medium economies. The Gross Domestic Product (GDP) per capita in Hungary was last recorded at $14 million. The average citizen in Hungary has very low wealth. Countries with very low wealth per capita often have lower life expectancies and dramatically lower quality of living among citizens. It can be very difficult to find highly skilled workers in countries with very low wealth, as it is difficult for citizens to obtain the requisite education needed for specialized industries. However, labor can be found for very low rates when compared with countries with higher wealth per capita. GDP Annual Growth Rate in Hungary averaged 2.8% in 2014. According to this percentage, Hungary is currently experiencing modest growth. Countries that are experiencing modest growth offer safe opportunities for investment; their expanding economy indicates that businesses, jobs, and income will expand accordingly. To read more about financial information click on finances of Hungary.
Major industries in the country are mining, metallurgy, construction materials, processed foods, textiles, chemicals (especially pharmaceuticals), motor vehicles. The total labor force of Hungary is 4,656,730 people, wherein 3.8% of population in the country are unemployed. The total number of unemployed people in Hungary is 368,176. The Industrial Production growth rate of Hungary is 5%.To read more about industrial information within Hungary click on industry of Hungary.
There are 45782 km2 of arable land in Hungary, and it comprises 49% of the country's total territory. There are 47684 km2 of cultivated land in Hungary. The country's major agricultural crops and products are wheat, corn, sunflower seed, potatoes, sugar beets, pigs, cattle, poultry, dairy products.To read more about agriculture click on agriculture of Hungary.