Things to know about Hungary


Hungary Flag The Republic of Hungary is a landlocked republic in Central Europe. Most of Hungary is located in the Danube Valley. The river Danube flows through this plain. Budapest Hungary's capital and largest city, is located on both banks of the Danube. The city is the cultural and commercial center of Eastern Central Europe. Hungary's current borders were determined in 1920 by the Treaty after World War I.

The Official Language of Hungary is Hungarian Language, Government: Parliamentary Democracy and Janos Ader is The President.

It is 93,030 sq km (35,920 sq mi) (109th) country. Per capita income $ 20,600 (39th) Population 10,07,400 (69th) according to the 2001 census.

The people of Hungary call themselves Magyar. The Magyar were a nomadic group from Asia.

Economic Status

01. Population ⇨ 9,769,526 (1January 2020)
02. GDP⇨ $170.407 billion (nominal, 2019 est.) $335.752 billion (PPP, 2019)
03. GDP rank⇨ 54th (nominal, 2019) 52nd (PPP, 2020)
04. GDP growth ⇨ 5.1% (2018) 4.9% (2019e) .05.0% (2020f) 4.5% (2021f)
05. GDP per capita⇨ $ 17,463 (nominal, 2019 est.) $ 34,046 (PPP, 2019 est.)
06. GDP per capita rank ⇨ 47th (nominal, 2019) 40th (PPP, 2019)
07. GDP by sector agriculture⇨ 3.9% industry: 31.3% Services: 64.8% (2017)
08. Population below poverty line ⇨ 14.9% in poverty (2014) 18.9% at risk of poverty or social exclusion (2019)
09. Human Development Index ⇨ 0.845 very high (2018) (43rd) 0.777 high IHDI (2018)
10. Labor force ⇨ 4,669,760 (2019) 74.4% employment rate (Target: 75%; 2018)
11. Unemployment ⇨ 4.1% (April 2020)12.5% youth unemployment (Q4-2019)

Banking

The Magyar Nemzeti Bank is the central bank of the Hungary. It was Founded in 1924. The Hungarian central bank is a member of the European System of Central Banks. There is different types of banks in Hungary include:
1. Commercial banks
2. Branch offices of foreign banks
3. Financial Institutions
The top banks in Hungary are:
1. OTP Bank
2. K&H Bank
3. Erste Bank
4. Budapest Bank
5. CIB Bank
6. MKB Bank
7. Raiffeisen Bank
8. UniCredit Bank
9. FHB Bank
10. BNP Paribas Bank

Transportation

The Republic of Hungary have various ways of transportation due to its location in the heart of Europe and its shared his borders with seven deferent countries. There are 6 International Airport in Hungary. At the end, Hungary is one of the most beautiful country in the world. They have developed in almost every sector starting from education, economy, Banking and travel sector etc. which is a unique example for the developed world. Undeveloped countries must learn from this country.