Analysts: 2014 deficit well under target

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Analysts put Hungary's general government deficit, calculated according to European Union rules, at 2.4%-2.5% of GDP for last year, after the release of cashflow-based data from December.

Zoltan Reczey of Buda-Cash Brokerhaz said the data released late Thursday by the National Economy Ministry came as little surprise considering that releases in the past several months showed the official 2.9% deficit target was "easily achievable". He estimated the gap reached 2.5% of GDP for the full year.

K&H Bank senior analyst David Nemeth put the deficit for last year at 2.4%, noting that the government had continued to follow a conservative fiscal policy.

The economy ministry on Thursday said Hungary's cashflow-based general government balance, excluding local councils, came to HUF 825.7 bln for the full year of 2014, under the HUF 1,151.5 bln target. The ministry said the fresh data confirm the government's expectations, according to which the deficit as a percentage of GDP, calculated according to EU rules, could be smaller than the 2.9% target.

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