The third Hungarian Republic emerged three years prior to the collapse of the Soviet Union. Political opposition leaders came to agreement on both political and economic reforms and opened its borders, most notably with neighboring Austria. Hungary is landlocked, bordered by Austria and Slovenia on the west, Croatia, Bosnia-Herzegovina and Serbia towards the south, Romania and Ukraine towards the east and Slovakia on the north.
Hungary is an EU member state, a member of Organization for Economic Co-operation (OECD) and World Trade Organization (WTO) . It ranks 43rd out of 175 nations with Gini index 31.2. According to the World FactBook, Hungary’s 2014 PPP-GDP was £152.8 billion with 2.8% real growth rate. Per capita PPP-GDP is £15,477 and gross national savings approximately 21% of GDP. Household consumption is approximately 54.5% of GDP, government consumption 19.5% of GDP, investment 22% of GDP and the positive trade balance about 3.3% of GDP. About 12% of the population is below the poverty line.
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