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About Hungary

About Hungary

Hungary is situated in Central-Eastern Europe and has a population of 9.9 million people (2015). Five of its neighbours as Hungary itself are members of the European Union, and four of them of NATO (North Atlantic Treaty Organization). Subject to fulfilling the membership criteria, further neighbours may join these organizations. External factors and international processes decisively determine Hungary's role in the globalised world economy.

The future ahead is full of opportunities we should seize and difficulties to overcome or turn into challenges taking advantage of the Hungarian creativity. The country's foreign economic policy contributes to creating the conditions necessary for Hungary's economic growth. European integration process is the main source, and the country's global opening in every direction constitutes other aspects of the course. Hungary's external relations strategy valid through 2020 determines the basic principles, goals and tools of Hungary's international actions. It builds upon national and sectoral strategies, integrates national EU strategy, and provides a framework and guidance for principal focus, the strategies and concepts. Its goal is to facilitate international contacts through the broadest political, professional and social consensus.

As the driving force behind world economic growth are the ever more effective economic policies, trade liberalisation and technological progress, the rapid expansion of trade upgrades the search for possible markets in particular. The dynamics of enterprises, enterprise co-operation is related to national economies to a smaller extent. Global imbalances pave the path for regional or bilateral frameworks, co-operations.

Hungary is committed to reveal the potential of coalition-building, especially in the Central- European region. The country relies on the pulling power of the southern part of Germany, on the Visegrad Co-operation embracing the Czech Republic, Slovakia, Poland and Hungary, and on EU Regional Partnership. Exploring the existing benefits along the Danube, in the Carpathian Basin and in the Balkans constitutes initiatives Hungary follows exploiting the synergies of bilateral, regional and multilateral co-operation.

The Hungarian National Trading House as a governmental organization is a major instrument for facilitating the economic development of small and medium-sized companies with a special emphasis on generating export opportunities on new markets.

The performance of the Hungarian economy had been quite significant after year 2000 following general trends with an average 4.2 % (yoy) growth. After 2007 however, the dynamism has stopped and downstream trends culminated with the contagion of the global financial crisis of 2008. The growth path returned only in 2010 and 2011 with a moderate rate (0.8% and 1.8%), in 2014 the expansion reached 3.6%, the second highest in the EU. The GDP (PPS) was 100 thousand million in euro in 2013.

The main sectors of the Hungarian industry are heavy industry, energy production, mechanical engineering, chemicals, food industry and automobile production. The manufacturing is accounted for about 30% of GDP. The leading industry is machinery, followed by chemical industry (plastic production, pharmaceuticals). Agricultural sector and food industry amount to 5.6% of the country's GDP. Service sector is above 60% with a steadily growing role. The share of EU member states in export and import is above 75%. Extra-EU trade has made a step forward with export data up by 2.3%. Main export items: machinery, vehicles and transport equipment and chemical products. Import: machinery, mineral products, vehicles and transport equipment. Food and agricultural products amount to 9% of export and 6% of import.

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