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Varga: Budget still on track to hit target deficit

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National Economy Minister Mihály Varga reaffirmed the government’s commitment to achieving this year’s GDP deficit target of 2.9%, in an interview on Hungarian commercial television channel Hír TV late yesterday.

“In the interest of [achieving the target], we are prepared to take steps, even mid-year,” the minister said.

Commenting on yesterday's news that the general government deficit reached 82.6% of the full-year's target in the first half, Varga said that the ratio was not high, because the budget is front-loaded, with more expenditures coming at the beginning of the year. Varga predicted that the situation will “smooth out” by the year's end.

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