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Hungary's debt ratio reaches 85.1% of GDP (UPDATE)

Telco

Hungary's gross consolidated government sector debt, calculated at nominal value, in line with Maastricht methodology, reached HUF 25,432bn, or 85.1pc of GDP, at the end of June, Hungarian news agency MTI reported today by citing preliminary data on financial accounts published by the National Bank of Hungary.

Transactions raised the debt by HUF 434 bln during the period. The weaker forint boosted it by HUF 65 bln.

The debt ratio rose from 84.4% at the end of March and 79.4% at the end of 2013.

The general government net financing requirement was HUF 302 bln in Q2, equivalent to 4.0% of quarterly GDP. The net financing requirement for the four quarters to Q2 was HUF 918 bln or 3.1% of GDP during the period.

Net borrowing of the central government came to HUF 264 bln in Q2. On the assets side, deposits with the central bank were up and some small acquisitions of shares were made. On the liabilities side, there were large issues of government bonds and liabilities to the European Union increased significantly, the central bank noted.

Net borrowing of local councils reached HUF 99 bln in Q2.

 

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