Rogán calls on EU to lift excessive deficit procedure as 2012 shortfall drops

Hungary’s budget deficit came to 1.9% of gross domestic product (GDP) in 2012, well under the 4% average for all European Union member states, data compiled by Eurostat showed. Antal Rogán, parliamentary group leader of the governing Fidesz party, called the lower-than-expected deficit a major achievement. Last year Hungary once again proved that it is able to keep the budget deficit below 3%. For this reason, time is high time the European Union puts an end to the excessive deficit procedure launched against Hungary, Rogán said. The Economy Ministry said the “government has done a lot to reduce the debt in a sustainable way and put Hungary’s budget in order.” The figures published also demonstrated the government’s commitment to reducing the public debt. the ministry said. Hungary’s budget deficit was the seventh lowest in the European Union last year. The fresh Eurostat data show Hungary’s state debt reached 79.2% of gross domestic product at the end of 2012, compared with an EU average of 85.3% of GDP last year. Hungary’s debt was the 11th highest in the EU. Government spending in Hungary amounted to 48.5% of economic output in 2012, down from 49.6 percent in 2011. The EU average government spending was 49.4% last year.