Economy ministry: Deficit lower, ratio below target in ’13
Hungary registered a general government deficit, excluding local councils, of HUF 929.2 billion last year, National Economy Ministry Mihály Varga announced based on preliminary cashflow-based figures of the State Treasury. The deficit is about HUF 200 billion less than planned, he said.
Parliament raised the full-year cashflow based central government deficit target to HUF 1,125.2 billion in December.
The EU-conform deficit as a percentage of GDP can be at most at the 2.7%-of-GDP government target but could be as low as 2.3%, Varga said, going on to add that the ratio will not exceed the target even if the EU statistics office Eurostat declares some 2013 spending items as ones raising the EU-prescribed mark deficit.
The items in question are a HUF 71 billion capital injection the state-owned Hungarian energy group MVM received in the autumn from the budget to cover the purchase of E.ON’s Hungarian gas business and more than HUF 135 billion in budget funding to support the integration of Hungarian savings cooperatives.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.