IMF.........................................WB...........................................CIA
rank/measure...........................rank/measure...............................rank/measure
43/13,745..............................35/13,741.....................................42/13,901
The economy of Hungary is a medium-sized, structurally, politically and institutionally open economy in Central Europe and is part of the European Union's (EU) single market. Like most Eastern European economies, the economy of Hungary experienced market liberalization in the early 1990s as part of the transition from a socialist economy to a market economy. Hungary is a member of the Organization for Economic Co-operation and Development (OECD) since 1995, a member of the World Trade Organization (WTO) since 1996, and a member of the European Union since 2004.
Hungary has over 31 thousand km of roads the in which the share of motorways of nearly 1200 km. The total length of motorways has doubled in the last ten years with the most kilometers built and completed in 2006. Budapest is directly connected to the Austrian, Slovenian, Croatian and Serbian borders via motorways. Due to its location and geographical features, several transport corridors cross Hungary. Three Pan-European corridors and 5 European routes lead through Hungary. As a result of its radial road system, all of these routes connect to Budapest. There are five international, four domestic, four military and several non-public airports in Hungary. The largest airport is the Budapest Liszt Ferenc International Airport (BUD) located at the southeastern border of Budapest. The Hungarian railroad system is 8 thousand km stretched; nearly 3 thousand km of it is electrified.
Along with related businesses, agriculture makes up about 13% of the GDP. Hungarian agriculture is virtually self-sufficient and due to traditional reasons export-oriented: exports related to agriculture make up 20-25% of the total. About half of Hungary’s total land area is agricultural area under cultivation; this ratio is prominent among other EU members. This is due to the country's favorable conditions including continental climate and the plains that make up about half of Hungary’s landscape. Hungary also has several wine regions producing among others the worldwide famous white dessert wine Tokaji and the red Bull’s Blood.
The main sectors of the Hungarian industry are heavy industry, energy production, mechanical engineering, chemicals, food industry and automobile production. The manufacturing is leaning mainly on processing industry and (including construction) accounted for about 30% of GDP. Following the transition to market economy, the industry underwent restructuring and remarkable modernization. The leading industry is machinery, followed by chemical industry (plastic production, pharmaceuticals). Although it decreased in the last decade, food industry is still giving up to 14% of total industrial production and amounts to 7-8% of the country's exports.
The service sector accounts for over 60% of GDP and its role in the Hungarian economy is steadily growing due to constant investments into transport and other services in the last 15 years. Located in the heart of Central-Europe, Hungary’s geostrategic location plays a significant role in the rise of the service sector as the country’s central position makes it suitable and rewarding to invest.
Tourism employs nearly 150 thousand people. One of Hungary’s top tourist destinations is Lake Balaton, the largest warm freshwater lake in Central Europe, with more than a million visitors annually. The most visited region is Budapest, the Hungarian capital attracted over 3 million visitors in each of the recent 5 years. The Hungarian spa culture is world-famous, with thermal baths of all sorts and over 50 spa hotels located in many towns, each of which offer the opportunity of a pleasant, relaxing holiday and a wide range of quality medical and beauty treatments.
