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About Hungary
A bit of history
Hungary was part of the Austro-Hungarian Empire, which collapsed during World War I. The country fell under communist rule following World War II. In 1956, a revolt and announced withdrawal from the Warsaw Pact were met with a massive military intervention by Moscow. In the more open GORBACHEV years, Hungary led the movement to dissolve the Warsaw Pact and steadily shifted toward multiparty democracy and a market-oriented economy. In 1989 Hungary peacefully returned to a democratic social order. The first newly elected democratic government in 1990 served as basis to rebuild market economy structures.
Following the collapse of
the USSR in 1991, Hungary developed close
political and economic ties to Western Europe.
It joined NATO in 1999 and joined the European Union in 2004.
Today, Hungary enjoys a free-market economy with equal rights and opportunities for businesses in state or private ownership.
Geographical location (See map)
The Republic of Hungary is located in Central Europe and is bordered by Austria, Slovakia, the Ukraine, Romania, Serbia, Croatia, and Slovenia. It lies in the Carpathian basin, crossed by two rivers: the Danube, flowing north to south-and its tributary, the Tisza.
Facts
Population: 10.2 million
Area : 93,030 kmSQUARE
Capital: Budapest, in the approximate center of the country, about 230 kilometers from Vienna.
Life expectancy: 71.9 years
Religious Composition
- Roman Catholic 67.5%
- Calvinist 20%
- Lutheran 5%
- Other
Labor Force Total: 4,500,000
By occupation:
- Services 65.0%
- Industry 26.7%
- Agriculture 8.3%
Economy and infrastructure
- Hungary ranks #1 in political and economic stability when compared to 11 other countries, among them Poland, Mexico, S. Africa, Bulgaria and Russia,
- Hungary ranks #6 as the 'best place to develop high-tech industries' when compared to 25 developed countries. (See ranking chart on the left).
- Unemployment is under 10 percent and appears to be slowly declining.
- The annual rate of inflation has now been reduced to approximately 8 percent, from a previous rate of over 20 percent during the initial years of the transformation.
- GDP growth: 3.9% (2001)
- The national currency is the Forint (HUF). On March 30, 2003 the conversion rate was US$1 = HUF225.
- Exports and imports in 1999 were approximately US$25.0 billion and US$28.0 billion, respectively, compared with a GDP of US$48.4 billion.
- The business climate is inviting, open and receptive to foreign investors and to their ideas, concepts and management methods. Receptiveness is also present at the political level, where it is shared by all major political parties
Natural resources
Since Hungary possesses insufficient mineral and energy resources, it depends heavily on imports, coming mostly from Eastern European countries. Coal used to be the most important source of energy in Hungary, but oil and natural gas have replaced it. Hungary is one of the world's most significant bauxite producer.
Transport and communications
The country's motor way network is continuously extended and will include some of the major cities in the east of the country, which currently have fewer links to the west. The telecommunications infrastructure has also been upgraded significantly over the last decade, primarily because of a major investment program by the dominant telecommunications company, Matáv.
Membership in international organizations
Hungary is a member of the United Nations and many of its subordinate organizations. It is also a member of the WTO, the World Bank and other worldwide organizations of similar status. Together with Bulgaria, the Czech Republic, Poland, Romania, Slovakia, and Slovenia, it is a member of CEFTA, an organization founded in 1991 for the coordination and harmonization of the development of trade relationships between the countries formerly known as "Eastern Europe." The CEFTA members are all associated with the European Union. Hungary formally became a EU member on May 1, 2004. Hungary has been a NATO member since March 1999.
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