Hungary
The light green area is the rest of the European Union
Hungary was the 55th largest economy in the world by nominal GDP in 2018. GDP per capita is $15,939. It is a small open economy with trade at 168 percent of GDP in 2018. It is ranked 38th in the World Bank's Human Capital Index and 15th in terms of Economic Complexity. It is a member of the EU and OECD. Services was the largest economic sector in 2018 (54 percent of GDP), followed by manufacturing (19 percent), and agriculture (3.6 percent). In 2017, the largest export sectors were services (18.85 percent), machinery (18 percent), electronics (16 percent), vehicles (14.2 percent), and chemicals (11.7 percent). The largest individual exports were ICT services (9.5 percent), cars (8 percent), car parts (4.8 percent), transport services (4.7 percent), and travel and tourism (4.4 percent). Its largest export partners were Germany (26 percent) and Romania (5.2 percent). The largest goods imports were car parts (5.3 percent), and cars (4.12 percent). Hungary began to industrialise within the Austro-Hungarian empire from the 1890s as a developing bourgeois class began investing but industry remained relatively small prior to World War Two. Post war, the economy grew rapidly due to reconstruction and increased industrialisation, but collectivisation had a negative impact on agriculture. Following the 1956 uprising, economic control was lightened and the economic responded with faster growth but by the late 1970s the economy was stagnating, and the government borrowed heavily to maintain spending. Following the fall of communism, Hungary experienced a difficult transition with a three-year recession, high inflation, and rising unemployment. A stronger commitment to reforms from 1995 led to a recovery and strong economic growth. The reforms included increased privatisations and better fiscal management. Hungary was hit hard by the global financial crisis of 2008-09 as export demand and domestic consumption fell. Growth has recovered in recent years due to increased EU funding, increased exports to the EU, and a rebound in household consumption.