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Economy ministry: Deficit lower, ratio below target in ’13

Telco

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.

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