Hungary Table of Contents
Gross National Product: Estimated at US$84 billion in 1986; US$7,910 per capita, with 1.3 percent growth rate.
Energy and Mining: Country energy deficient; relies on imported crude oil and natural gas from Soviet Union and domestic lignite. Coal reserves plentiful, but energy a major problem for the 1990s. Dependent on imports for iron and nonferrous metals.
Industry: Manufacturing and chemicals predominate, with light industry and food processing also important. Emphasis on heavy industry in postwar period.
Agriculture: Largely collectivized, but with decentralized, loose restrictions on self-financing, much emphasis on private-plot production, and no obligatory targets. Very efficient by East European standards; net exporter of grain, meat, and meat products.
Foreign Trade: Most important trading partner Soviet Union, but about half of foreign trade with Western countries. Principal imports fuels, raw materials and semifinished products, agricultural and forestry products, light industrial goods. Principal exports agricultural products, pharmaceuticals, bauxite, machine tools, and lighting equipment. Balance of trade negative in 1986: exports US$9.2 billion; imports US$9.6 billion.
Exchange Rate: Exchange rate in July 1989 about sixtytwo forints per US$1.
Fiscal Year: Calendar year.
Fiscal Policy: Central planning with market reforms in the late 1980s to decentralize economic decision making and broaden scope for private ownership.
Data as of September 1989