alist (Communist) Workers' Party (MSZMP) renounced
Communism and became the Hungarian Socialist Party (MSZP) in October
1989; there is still a small MSZMP
Member of:
Australian Group, BIS, CCC, CE, CEI, CERN, COCOM (cooperating), CSCE,
EBRD, ECE, FAO, G-9, GATT, IAEA, IBRD, ICAO, IDA, IFC, ILO, IMF, IMO,
INTELSAT, INTERPOL, IOC, IOM, ISO, ITU, LORCS, MTCR, NACC, NAM
(guest), NSG, OAS (observer), PCA, UN, UNAVEM II, UNCTAD, UNESCO,
UNHCR, UNIDO, UNIKOM, UNOMOZ, UNOMUR, UNOSOM, UNTAC, UPU, WFTU, WHO,
WIPO, WMO, WTO, ZC
Diplomatic representation in US:
chief of mission:
Ambassador Pal TAR
chancery:
3910 Shoemaker Street NW, Washington, DC 20008
telephone:
(202) 362-6730
FAX:
(202) 966-8135
consulate(s) general:
Los Angeles and New York
US diplomatic representation:
chief of mission:
Ambassador Donald BLINKEN
embassy:
V. Szabadsag Ter 12, Budapest
mailing address:
Am Embassy, Unit 1320, Budapest; APO AE 09213
telephone:
[36] (1) 112-6450
FAX:
[36] (1) 132-8934
Flag:
three equal horizontal bands of red (top), white, and green

@Hungary, Economy

Overview:
Hungary is still in the midst of a difficult transition from a command
to a market economy. Its economic reforms during the Communist era
gave it a head start on this process, particularly in terms of
attracting foreign investors - Hungary has accounted for about half of
all foreign direct investment in Eastern Europe since 1989.
Nonetheless, the economy continued to contract in 1993, with real GDP
falling perhaps 1%. Although the privatization process has lagged, in
December 1993 Hungary carried out the largest privatization yet in
Eastern Europe, selling a controlling interest in the Matav
telecommunications firm to private investors - including a 30% share
to a US-German consortium for $875 million. Overall, about half of GDP
now originates in the private sector. Unemployment rose to about 13%
in 1993 while inflation remained above 20%, and falling exports pushed
the trade deficit to about $3 billion. The government hopes that
economic recovery in Western Europe in 1994 will boost exports, lower
the trade deficit, and help jump-start the economy. The budget,
however, is likely to remain a serious concern; depressed tax revenue
pushed up the budget deficit in 1993.
National product:
GDP - purchasing power equivalent - $57 billion (1993 est.)
National product real growth rate: