Gross state debt improves slightly in Q4 2013
Hungary’s gross state debt, calculated at nominal value according to Maastricht criteria, fell to 79.0% of GDP at the end of last year from 80.2% at the end of September, a preliminary report released by the National Bank of Hungary (MNB) today shows.
In nominal terms, the debt reached HUF 23.068 trillion at the end of 2013. The appreciation of the forint reduced the debt by HUF 38 billion, while net borrowing raised it by HUF 17 billion.
Net state debt came to HUF 18,451 billion or 63.2% of GDP at the end of last year.
Net borrowing of the general government came to HUF 741 billion in 2013 or 2.5% of GDP. In the fourth quarter alone, the general government’s net borrowing reached HUF 127 billion or 1.6% of GDP during the period.
Net borrowing of the central government came to HUF 72 billion in the fourth quarter of ‘13. On the assets side, deposits with the central bank and tax receivables from companies fell sharply, while trade receivables, mostly from general government organizations, increased. On the liabilities side, holdings of government securities by the business sector and other financial institutions fell because of net sales, while purchases of government papers by non-residents increased sharply.
Local governments were net lenders to the tune of HUF 7 billion in Q4.
Net lending of the social security funds amounted to HUF 61 billion.
Households were net lenders of HUF 554 billion in Q4 or 6.9% of GDP for the period. For the full year, households were net lenders of HUF 1.538 trillion or 5.3% of GDP.
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