Key facts
*  Currency: the forint. €1 = 317 forints (November 28, 2011).
*  GDP per capita $29,600 (2017 est)
*  Unemployment: 4.6% (Aug 2020)
*  Inflation: 3.4% (Sept 2020)

Between 1989 and 2004 Hungary made the transition from a centrally-planned to an open market economy. Foreign ownership and investment in Hungarian firms is widespread, with cumulative foreign direct investment totalling more than $60 billion since 1989.

General

In 2008 the IMF/EU/World Bank provided financial assistance worth over $25 billion to enable the government to service short term debt. In 2009 under the impact of an austerity programme, the economy contracted by 6.9%. Talks with the IMF/EU on a further bailout broke down late 2012. After modest growth in 2011 of 1.7% GDP contracted a further 1.7% in 2012.

Some important industries
*  mining, metallurgy, construction materials, processed foods, textiles, chemicals (especially pharmaceuticals), motor vehicles
*  Leading export markets: Germany 27.7% Romania 5.4%, Italy 5.1%, Austria 5% (2017)