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Hungary Location : Central Europe, northwest of Romania
Capital City : Budapest
Curreny : forint (HUF)
Languages Spoken : Hungarian 98.2%, other 1.8%
Climate : temperate; cold, cloudy, humid winters; warm summers
National Holiday : St. Stephen's Day, 20 August
Background Information
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 announced withdrawal from the Warsaw Pact were met with a massive military intervention by Moscow. In the more open GORBACHEV years, Hungary led the movement to dissolve the Warsaw Pact and steadily shifted toward multiparty democracy and a market-oriented economy. Following the collapse of the USSR in 1991, Hungary developed close political and economic ties to Western Europe. It joined NATO in 1999 and is a frontrunner in a future expansion of the EU.
Geographical Note
landlocked; strategic location astride main land routes between Western Europe and Balkan Peninsula as well as between Ukraine and Mediterranean basin
Economy
Hungary continues to demonstrate strong economic growth and to work toward accession to the European Union. The private sector accounts for over 80% of GDP. Foreign ownership of and investment in Hungarian firms is 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 and unemployment - both priority concerns in 2001 - have declined substantially. Economic reform measures such as health care reform, tax reform, and local government financing have not yet been addressed by the ORBAN government.
Religions
Roman Catholic 67.5%, Calvinist 20%, Lutheran 5%, atheist and other 7.5%
Ports : Budapest, Dunaujvaros
International Disputes - Risks to travellers
: Slovakia requested additional ICJ judgment in 1998 and talks continue to set modalities to assure Hungarian compliance with 1997 ICJ decision to proceed with construction of Gabcikovo-Nagymaros Dam, abandoned by Hungary in 1989; Hungary opposes Croatian plan to build a hydropower dam on the boundary stream Drava
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