Brussels’ projection said blurred by 'methodological hesitance'

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The Monday report by the European Commission, suggesting that Hungary take further steps in order to consolidate its fiscal position, ignores the country’s improved growth outlook, the National Economy Ministry said late yesterday.

According to the ministry’s statement “the report does not take into account that Hungary's economic growth this year will in all likelihood be 3%, instead of the earlier expected 2%.” The trends also point to a higher growth rate for 2015 than the one projected by the EC, the ministry added.

“Brussels’ projection is surrounded by methodological hesitance,” the ministry said.

The report of the commission stated that “an inadequate pace of debt reduction could trigger the re-opening of an excessive deficit procedure in spring 2015” and suggested that avoiding such a step will “likely require additional fiscal consolidation effort”.

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