• Capital -- Budapest
• Population -- 9,981,334
• Language -- Hungarian
• GDP per capita($) -- 16,300
• Currency -- forint (HUF)
• Year Joined EU -- 2004

• GDP($) -- 172,700,000,000
• GDP per capita($) -- 16,300
• GDP growth rate(%) -- 4.10
• Inflation(%) -- 3.60
• Unemployment(%) -- 7.20
• Imports($) -- 64,830,000,000
• Exports($) -- 61,750,000,000
• Military Spending($) -- 1,080,000,000
• Military Spending (% of GDP) -- 1.75

• Land Area (sq. km) -- 93,030
• slightly smaller than Indiana
• Population growth rate(%) -- -0.25
• Infant Mortality (deaths per 1,000 live births) -- 8.39
• Life Expectancy -- 72.66
• Poverty --
• Migration -- 0.86 migrant(s)/1,000 pop

• ---

  * all data/material from the CIA World Fact Book 2006

Hungary

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Hungary was part of the polyglot Austro-Hungarian Empire, which collapsed during World War I. The country fell under Communist rule following World War II. In 1956, a revolt and an announced withdrawal from the Warsaw Pact were met with a massive military intervention by Moscow. Under the leadership of Janos KADAR in 1968, Hungary began liberalizing its economy, introducing so-called "Goulash Communism." Hungary held its first multiparty elections in 1990 and initiated a free market economy. It joined NATO in 1999 and the EU in 2004.

Hungary has made the transition from a centrally planned to a market economy, with a per capita income nearly two-thirds that of the EU-25 average. Hungary continues to demonstrate strong economic growth and acceded to the EU in May 2004. The private sector accounts for over 80% of GDP. Foreign ownership of and investment in Hungarian firms are widespread, with cumulative foreign direct investment totaling more than $60 billion since 1989. Hungary issues investment-grade sovereign debt. International observers, however, have expressed concerns over Hungary's fiscal and current account deficits. Inflation has declined from 14% in 1998 to 3.7% in 2006. Unemployment has persisted above 6%. Hungary's labor force participation rate of 57% is one of the lowest in the Organization for Economic Cooperation and Development (OECD). Germany is by far Hungary's largest economic partner. Policy challenges include cutting the public sector deficit to 3% of GDP by 2008, from about 6.5% in 2006, and tackling a persistent trade deficit. The current government has announced and begun to implement an austerity program designed to address these issues, leading to eventual adoption of the euro.