Hungary sees state debt falling to 76.9% level this year

MNB

The National Economy Ministry projects Hungary's state debt as a percentage of GDP will fall to a lower-than-expected 76.9% at year-end, down from 77.3% at the end of last year. The ministry announced the projection on Wednesday, after the Central Statistics Office (KSH) sent a scheduled Excessive Deficit Procedure report to the European Commission.

The year-end debt level noted by the ministry is well under the 79.4% rate in the latest release from the National Bank of Hungary; however, the central bank's data do not reflect a GDP revision, explaining the discrepancy. The ministry said in its statement that the adoption of the newest European System of Accounts (ESA2010) raised Hungary's GDP last year by HUF 768 bln or 2.6% over that using the old ESA95 methodology.

The ministry confirmed the government's 2.9%-of-GDP general government deficit target for this year. The revision also resulted in a GDP increase for last year: 1.5% GDP growth in 2013 instead of the 1.1% growth reported by KSH earlier, the ministry said. GDP growth is expected to reach 3.1% this year, the ministry said. The changeover to ESA2010 raised the 2013 general government deficit to 2.4% of GDP from the earlier figure of 2.2%, the ministry noted, adding that the increase mainly reflected the change in the accounting of swap transactions.

Hungary Account Deficit at EUR 561 mln in Q4 Debt

Hungary Account Deficit at EUR 561 mln in Q4

Moldovan Pensions to be Increased as of April 1 World

Moldovan Pensions to be Increased as of April 1

Schoenherr Names Miklós Klenanc as Head of Local M&A Practic... Appointments

Schoenherr Names Miklós Klenanc as Head of Local M&A Practic...

Hungarian Wine Marketing Agency to Host Summit Drinks

Hungarian Wine Marketing Agency to Host Summit

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.