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It terms of industry the old Hungary was underdeveloped for most of the time it was valuable by her agricultural products for the Habsburgs. Then in the years of dualism industrial growth became a real thing and it developed dynamically. But chiefly in the resource rich areas, those which were cut off with Trianon. The remaining core was mostly agricultural but it was also plundered in the end of the Hungarian Soviet by the Romanians and also had to pay reparations and was tied by the rules of the peace treaty as I wrote in the Tank Thread somewhere.
The better question Austria. I've no idea. I guess she was also restricted by the Entente in the production of war material but still was better suited than us.