Hungary Economy

Before WW2, the Hungarian economy was mainly oriented towards agriculture and small-scale manufacturing. Today it is a medium-sized, open economy forming an important link within the EU market. Like most other Eastern European economies, its market was liberalized during the early 1990s to make the move away from Communism possible. Since 1996, Hungary has been a member of the OECD and of the World Trade Organization.

In the late 1990s, Hungary concentrated much of its trade to the West having previously traded almost exclusively with the former eastern bloc countries. Germany is now Hungary's most important trading partner whilst the U.S. is Hungary's sixth-largest export market.

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