UPDATE - Govt calculations show different deficit than IMF, says PM spokesman - TV

The calculations of the Hungarian government produce different results on the fiscal deficit than the calculations of the International Monetary Fund, Prime Minister’s spokesman Peter Szijjarto said on public television late Wednesday.

"Our calculations show something entirely different," Mr Szijjarto said on m1’s Este programme, hours after the IMF projected in an annual country report that Hungary’s general government deficit would reach 3.9% of GDP in 2012 and 4.1% of GDP in 2013.

He added that the European Commission also expects the deficit to be under 3% of GDP in 2012.

The government targets fiscal deficits under 3% of GDP in both years.

Mr Szijjarto noted that the government had mandated minister without portfolio Tamas Fellegi to commit to bringing the fiscal deficit under 3% of GDP in 2013 too.

Asked if the government could break from its "unorthodox economic policy", Mr Szijjarto said, "Extraordinary times call for extraordinary economic measures."

He said the government believes the European economy will soon come out of the crisis and the eurozone debt crisis will end, which will support the continuation of transparent, predictable economic policy in all member states.

Mr Szijjarto said the Hungarian government’s economic policy and the minister who implemented it were "extraordinarily successful". He added that Hungary’s talks with the IMF on a possible agreement on precautionary financial assistance should not be mixed up with an IMF country report.