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Hungary through numbers

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Population
9.949.000 (2015)
Currency
Fiorint (HUF)
Area
9.,030 Km²
Capital
Budapest
Official Language
Hungarian
Exports
100.2 Billion $ (2015)
Imports
91.1 Billion $ (2015)
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Density population
Same as France and Poland 108.3 inhabitants/km ²
Other major cities
Debrecen, Szeged, Miskolc, Pécs, Győr
GDP
257 bil $ (2015)
Inflation
0.1% (2015)
Participates in the International Organizations:
European Union (since 2004), BM, OECD, WTO, NATO, IMF, EC, IMO, Council of Europe

99.9% of the Hungarian enterprises are small and medium-sized and their contribution to the GDP is 48.9%. SMEs provide the 2/3 of jobs and contribute to exports by 36.8%. The remaining 0.1% is large enterprises, with capital structure partially or fully owned by foreigners and their contribution to the GDP is 51.1%.
As observed in all Member States of the EU, in Hungary, a significant percentage of foreign trade activities takes place among EU members. Since May 1st 2004, exports to the EU are 70.7% of the total exports of the country. Therefore, any development of the EU economy will have a direct impact on export figures by Hungary.
Machinery and motor vehicles are the leading products in both imports and exports of Hungary. On the other hand, considering the fact that many transport networks use the country as a transit channel to other European countries, Hungary is an important logistics centre of Europe. Hungary offers large financial advantages in many international companies in terms of production and establishment of a distribution or logistics centre for the transportation of their products to Western Europe, Asia or other Balkan countries.
Large investments have been made in the country from other EU member countries, but also from the USA, which are the best proof that the country is an important hub for investors who want to switch to Central and Eastern Europe.

Source: Ministry of Finance of Turkey, Economic Research and Analysis Division

Main economic indicators (annual percentage change)

2011 2012 2013 2014 2015 2016
GDP 1,8 -1,5 1,5 3,6 2,8 2,2
Products & Services Export 6,6 -1,5 5,9 8,0 6,0 6,7
Products & Services Import 4,5 -3,3 5,9 8,7 7,3 7,5
Employment 0,0 0,1 0,8 3,2 1,9 1,2
Unemployment Rate 11,0 11,0 10,2 7,7 6,8 6,0
Household savings indicator 12,2 10,2 10,7 10,7 9,8 9,3
Trade balance/GDP 0,8 1,7 4,2 4,4 5,5 6,2
Structural Budget Balance/GDP -4,2 -1,2 -1,2 -2,5 -2,5 -2,4
Public Debt/GDP 81,0 78,5 77,3 76,9 75,0 73,5

In 2014, the volume of exports of Hungary was 110.8 billion dollars and the import volume was 104.7 billion. In addition, as shown in the table, Hungary had a deficit in the 2004-2008 period; however the Hungarian economy has followed an upward trend and has had a surplus balance of trade in all the years after the crisis.

Source: Ministry of Finance of Turkey, Economic Research and Analysis Division

HUNGARY’S COMMERCIAL BALANCE

2010 2011 2012 2013 2014 2015
first quarter
EXPORT 94,749 Billion 111,217 Billion 103,006 Billion 107,730 Billion 110,840 Billion 21,9 Billion
IMPORT 87,432 Billion 101,370 Billion 94,266 Billion 98,662 Billion 104,668 Billion 20,0 Billion
BALANCE 7,317 Billion 9,847 Billion 8,740 Billion 9,068 Billion 6,172 Billion 1,9 Billion

“Hungary is a country located in the heart of Europe, economically developed and ranked as the 52nd country in the world for investment advantages. As an entrepreneur, I can honestly say that the Hungarian Government provides full support and convenience to investors for each given area.”

Adnan Polat
President-Executive Chairman of the Turkish-Hungarian Business Council
Chairman of the Board of Directors of Polat Holding

The total volume of imports of Hungary in 2014 was 104 billion dollars, of which 77 billion came from EU Member States. The share of these countries in the total volume of imports of Hungary is 75%. Germany holds the highest share of 25%.
In other words, the ¼ of Hungary’s imports comes from Germany.

Import Value (USD) Hungary’s Import share (%)
1 Germany 26,1 bil 25.2
2 Austria 7,5 bil 7.3
3 Russia 7,3 bil 7.1
4 Slovakia 5,6 bil 5.5
5 Poland 5,3 bil 5.2
6 China 5,3 bil 5.2
7 Czech Republic 4,7 bil 4.6
8 Italy 4,5 bil 4.4
9 Holland 4,2 bil 4.1
10 France 4,2 bil 4.1
11 Romania 3,3 bil 3.2
12 Belgium 2,4 bil 2.4
13 USA 2 bil 1.9
14 England 1,8 bil 1.8
15 Ukraine 1,7 bil 1.7
16 Spain 1,5 bil 1.5
17 South Korea 1,4 bil 1.4
18 Slovenia 1,3 bil 1.3
19 Japan 1,2 bil 1.2
20 Sweden 1 bil 1.0
23 Turkey 700 εκ. 0.7
Total 104,7 100,0
flag_of_hungary
HUNGARY’s IMPORTS FROM THIRD COUNTRIES
Russia
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China
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USA
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Ukraine
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S.Korea
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Japan
flag_of_japan
Taiwan
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Turkey
flag_of_turkey
7,3 bil dollars 5,4 bil dollars 2,0 bil dollars 1,7 bil dollars 1,4 bil dollars 1,2 bil dollars 0,96 bil dollars 0,7 bil dollars
Percentage (%) 7,1 5,2 1,9 1,7 1,4 1.2 0.8 0,7

Non-European countries hold a share of 25% of the total imports of the country. The largest proportion of those is by Russia at a rate of 7.1%.

Source: Ministry of Finance of Turkey, Economic Research and Analysis Division

Hungarian Export Data 2015

 

Products-Product Categories Value EUR
Machines, patents and electrical equipment 38.9 bil
Vehicles and means of transport 18.4 bil
Chemical or relevant products 8.7 bil
Plastic industry, rubber and plastic products 6.2 bil
Metal and Metal construction 4.5 bil
Tobacco and liquor industry 3.5 bil
Ophthalmology and general medical equipment 3.3 bil
General construction 2.8 bil
Fruit and Vegetable 2.7 bil
Mineral products 2.4 bil
Meat and livestock 1.9 bil
Ceramic and glass products 1.5 bil
Fabrics 1.4 bil
Paper industry 1.1 bil
Timber and wood products 705.5 mil
Animal and vegetable fat 524.5 mil
Skin and leather products 476.7 mil
Footwear, accessories 474.1 mil
Pearls and precious metal 138.3 mil
Guns & Ammo 27.9 mil
Art, antiques, collectibles 2.5 mil
Total 100.2 bil

Hungarian Import Data 2015

Products-Product Categories Value EUR
Machines, patents and electrical equipment 34.2 bil
Vehicles and means of transport 10.7 bil
Chemical or relevant products 8.8 bil
Mineral products 7.7 bil
Metal and Metal construction 7.5 bil
Plastic industry, rubber and plastic products 6.1 bil
Tobacco and liquor industry 2.7 bil
Fabrics 2.2 bil
Ophthalmology and general medical equipment 1.9 bil
General construction 1.7 bil
Paper industry 1.4 bil
Fruit and Vegetable 1.3 bil
Meat and livestock 1.1 bil
Ceramic and glass products 1.1 bil
Timber and wood products 579.6 mil
Footwear, accessories 566.6 mil
Skin and leather products 557.9 mil
Animal and vegetable fat 237.1 mil
Pearls and precious metal 118.8 mil
Guns & Ammo 22.9 mil
Art, antiques, collectibles 6.5 mil
Total 91.1 bil
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ALX Greece Mission

Our mission is to provide relevant businesses with quality services by analysing their product and service needs on a large scale. Moreover, ALX Group of Companies provides distinguished networking services that are based on sustainable, reliable sources and relationships.

Useful Links

  • Hungarian National Trading House
  • Embassy of Hungary in Athens
  • Hungary through numbers
  • Trade relations between Hungary and Greece
  • Areas of Interest
  • News
  • Hungarian Investment Promotion Agency

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