Diplomatic representation in the US:
chief of mission: Ambassador Andras SIMONYI
FAX: [1] (202) 966-8135
consulate(s) general: Los Angeles and New York
telephone: [1] (202) 362-6730
chancery: 3910 Shoemaker Street NW, Washington, DC 20008

Diplomatic representation from the US:
chief of mission: Ambassador George Herbert WALKER
embassy: Szabadsag ter 12, H-1054 Budapest
mailing address: pouch: American Embassy Budapest, 5270 Budapest
Place, Department of State, Washington, DC 20521-5270
telephone: [36] (1) 475-4400
FAX: [36] (1) 475-4764

Flag description:
three equal horizontal bands of red (top), white, and green

Economy Hungary

Economy - overview:
Hungary has made the transition from a centrally planned to a
market economy, with a per capita income one-half that of the Big
Four European nations. Hungary continues to demonstrate strong
economic growth and joined the European Union 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 $23 billion since 1989.
Hungarian sovereign debt was upgraded in 2000 to the second-highest
rating among all the Central European transition economies.
Inflation has declined substantially, from 14% in 1998 to 4.7% in
2003; unemployment has persisted around the 6% level. Germany is by
far Hungary's largest economic partner. Short-term issues include
the reduction of the public sector deficit and further increasing
the flexibility of the labor markets.

GDP:
purchasing power parity - $139.8 billion (2003 est.)

GDP - real growth rate:
2.9% (2003 est.)

GDP - per capita:
purchasing power parity - $13,900 (2003 est.)

GDP - composition by sector:
agriculture: 3.3%
industry: 32.5%
services: 64.2% (2003 est.)

Investment (gross fixed):
22% of GDP (2003)

Population below poverty line:
8.6% (1993 est.)

Household income or consumption by percentage share:
lowest 10%: 4.1%
highest 10%: 20.5% (1998)

Distribution of family income - Gini index:
24.4 (1998)

Inflation rate (consumer prices):
4.7% (2003 est.)

Labor force:
4.164 million (2003)

Labor force - by occupation:
agriculture 8%, industry 27%, services 65% (1996)

Unemployment rate:
5.9% (2003 est.)

Budget:
revenues: $35 billion
expenditures: $39.88 billion, including ca