Economy of Hungary

[FedericoCastillo]

Hungary is considered a developing country. A nation's stage of development is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality and quality of life. As a developing country, Hungary may not be able to provide consistent social services to its citizens. These social services can include things like public education, reliable health care, and law enforcement. Citizens of developing countries can have a lower life expectancy than citizens of developed countries. Hungary exports about US$92.98 billion and imports about US$89.52 billion each year. 3.8% of the country's population is unemployed. The total number of unemployed in Hungary is 368,176. In Hungary, 14.9% of the population lives below the poverty line. The percentage of citizens living below the poverty line in Hungary is low, indicating a stable economy. Investors should consider Hungary as a safe place for investment and other financial ventures. Government spending on education is 5.2% of GDP. The country's Gini index is 24.7. Hungary experiences a high level of equality. The income differences between citizens are only slightly significant. Hungary has a Human Development Index (HDI) of 0.818. Hungary has a high HDI score. This suggests that the majority of citizens will be able to live a worthwhile life while providing significant help and support to citizens with lower living standards. The Global Peace Index (GPI) for Hungary is 1.463. Due to the strong presence of the law enforcement authorities and the high level of social responsibility, Hungary is very safe in international comparison. The index of the strength of legal rights for Hungary is 10. Overall it is considered to be quite strong – bankruptcy and collateral laws are able to protect the rights of borrowers and lenders quite well; Credit information is plentiful and easily accessible.

Currency
The currency of Hungary is the Hungarian Forint. The plural form of the word Hungarian forint is forint. The symbol used for this currency is Ft, abbreviated to HUF. The Hungarian forint is divided into fillers; there are 100 in a forint.

Credit rating
The depth of credit information index for Hungary is 5, which means that the information is usually sufficient and accessible, although occasionally some necessary details may be missing. According to the rating agency S&P, Hungary has a credit rating score of BB+ and the prospects for this rating are stable. According to the rating agency Fitch, Hungary has a credit rating score of BB+ and the prospects for this rating are stable. According to the rating agency Moody's, Hungary has a credit rating of Ba1 and the prospects for this rating are positive.

Central bank
In Hungary, the institution that manages the state's currency, money supply and interest rates is called the Hungarian National Bank. Locally, the Hungarian central bank is called the Magyar Nemzeti Bank. The average interest rate on deposits offered by local banks in Hungary is 1.4%.