World Grain - June 2018 - 20
Focus on Hungary
E.U. member looks to increase its oilseed production
by Chris Lyddon
Hungary is an E.U. member state with no coastline and agriculture
dominated by small farms. Strongly opposed to genetically modi¿HGSURGXFWVLWLVHQGHDYRULQJWREXLOGXSRLOVHHGVSURGXFWLRQ
The International Grains Council (IGC) forecasts Hungary's toWDOJUDLQVFURSLQDWPLOOLRQWRQQHVXQFKDQJHGIURP
2017-18. Wheat production in 2017-18 is forecast at 4.9 million
The IGC forecasts Hungary's 2018-19 corn crop at 6.9 million
at an unchanged 1.4 million tonnes.
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are no reports of winterkill damage. Winter
wheat is reported to be in a generally good conGLWLRQ EXW SHVW DQG GLVHDVH SUHVVXUH LV OLNHO\
to be higher than normal in the spring as a result of the
challenges for crop management."
Population: 9,850,845 (July 2017 est.)
Religions: Roman Catholic 37.2%, Calvinist 11.6%, Lutheran 2.2%, Greek Catholic 1.8%, other 1.9%, none
18.2%, unspecified 27.2% (2011 est.).
Location: Central Europe, northwest of Romania.
Government: Parliamentary republic. Chief of state: Jano
Ader (since May 10, 2012); head of government: Prime Minister Viktor Orban (since May 29, 2010).
Economy: Hungary has transitioned from a centrally
planned to a market-driven economy with a per capita
income approximately two-thirds of the E.U.-28 average;
however, in recent years the government has become more
involved in managing the economy. Budapest has implemented unorthodox economic policies to boost household
consumption and has relied on E.U.-funded development
projects to generate growth. The economy is largely driven
by exports, making it vulnerable to external market shocks.
Following the fall of communism in 1990, Hungary experienced a drop-off in exports and financial assistance from the
former Soviet Union. Hungary embarked on a series of economic reforms, including privatization of state-owned enterprises and reduction of social spending programs, to shift
from a centrally planned to a market-driven economy, and to
reorient its economy toward trade with the West. These efforts helped to spur growth, attract investment, and reduce
Hungary's debt burden and fiscal deficits. Hungary suffered
a historic economic contraction as a result of the global
economic slowdown in 2008-09 as export demand and domestic consumption dropped. Since 2010, the government
has backpedaled on reforms and taken a more nationalist
and populist approach toward economic management. The
government has favored national industries, and specifically
government-linked businesses, through legislation, regulation, and public procurements.
GDP per capita: $28,900 (2017 est.); inflation: 2.5%
(2017 est.); unemployment: 4.4% (2017 est.).
Currency: Forints (HUF): 271 forints equal 1 U.S. dollar
(May 21, 2018).
Exports: $98.72 billion (2017 est.): machinery and equipment 53.4%, other manufactures 31.2%, food products
8.4%, raw materials 3.4% (2012 est.).
Imports: $93..28 billion (2017 est.): machinery and equipment 45.4%, other manufactures 34.3%, fuels and electricity 12.6%, food products 5.3%, raw materials 2.5% (2012)
Agriculture: 4.4% of GDP and 4.9% of the labor force.
Internet: Code: .hu; 7,826,695 users.
Source: CIA World Factbook
June 2018 / World Grain / www.World-Grain.com