Final report on 2013 central budget published

Telco

Parliament approved the final report on the implementation of the 2013 budget with 116 votes in favor, 31 against and 13 abstentions yesterday. The final reported submitted by the economy minister said that macroeconomic trends in Hungary had been more favourable than expected and better than the average trend in the EU.

Hungary's gross domestic product (GDP) grew by 1.1%, above the 0.9% calculated when last year's budget was drafted. Inflation was lower than calculated, with consumer prices averaging 1.7% in 2013. Hungary's debt ratio, calculated under the new ESA2010 methodology, went down from 79.8% to 79.2%.

The budget deficit in GDP terms was 2.2% under EU methodology in 2013. He noted that the government had designated 2013 as a year of budget stability and entrance into a phase of economic turnaround.

It was a third consecutive year when the budget deficit was kept below 3% of economic output, due to budget discipline, the final report said. Brussels lifted the excessive deficit procedure against Hungary in June and the country made an early repayment of its IMF loan in August, the economy ministry said in its evaluation to the 2013 budget.

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