History Of Hungary

785 Words2 Pages

Ara Patvakanian

6th Grade - Mr. Gifford

04.07.2014 - Country Report - Hungary

Economy and Major Industries

Hungary is located in Central Europe, and has land rich with minerals, natural resources, geographical features and circumstances, and other factors that affect the income, output, and the economy in general. Most of its lower classes are made up of farmers that produce the food that is exported and used, and miners and “factory people” produce all of the manufactured goods.

History

Hungary farming and agriculture has always been the same - the common folk produced all of the clothing, food and trade goods, and people had been mining in Hungary since the late 19th century, however iron and steel production have been fairly new(starting after WW2), considering that Hungary has had a thousand years of history. Aluminum output has also been something that happened after World War 2, but because aluminum is much cheaper to produce than iron(mostly because you need to mix it with certain other metals to make steel). Also, lately Hungary, under pressure by the USSR, joined the Eastern Bloc, a group of countries that are not entirely communist in the government, but still have communist ideas, and because of the collapse of the Soviet Union, Hungary was allowed to use democratic ideas more freely.

Agriculture

Hungary is flowing with natural resources and geographical features. The 94 thousand square kilometers that make up one percent of Europe’s total area is three fourths plains, a fifth foothills, and a twentieth bodies of water or high, towering mountains. Also, 19% of the foothills are forests. In all this land, the farmers raise cows, pigs(or hogs), birds(poultry), chickens, and sheep. The Hungarian Grey ...

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...e(1) Hungarian forint equals 0.0045 dollars - if you do the math, that’s 223 forints, which is considered a lot there.

Tourism at Hungary is considered world class. Because of Hungary’s “geostrategic” position(above many hot water springs), tourists are visiting the famous spas and saunas occasionally, because of the perfected hot water bath and massage culture. In only 2011, Hungary was the 24th most visited country, out of 200 countries.
To conclude, Hungary’s economy, though a little slow industry-wise but strong agriculture-wise has had many difficulties and times of hardship with declines(as Mr.Gifford says in his stock analysis briefing), and sometimes, shows growth in production rates, especially now, because the financial crisis in 2008 is wearing off, but all in all, economists are predicting the best for my country, and let’s all hope they’re accurate.

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