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Fiscal Council: 2.9% deficit target possible

Initiatives

Hungary’s Fiscal Council said in an opinion yesterday that next year’s general government deficit target of 2.9% of GDP was achievable, but it recommended the government review risks related to several revenue and expenditure items, then make a decision on necessary reserves.

National Economy Minister Mihály Varga said on commercial television late Sunday that the government was calculating with the 2.9% deficit and GDP growth of 2% when drafting the 2014 budget.

The Fiscal Council said the 2% projection for economic growth was in “the upper range,” and that a projected drop in the level of Hungary’s public debt from 76.8% of GDP in 2013 to 76.4% in 2014 was in line with requirements outlined in the Stability Act.

The Council recommended a review of tensions that could arise when requirements outlined in the Stability Act come into force in 2015. The review should be undertaken with the aim of avoiding a large fiscal adjustment to meet the requirements, added the recommendations.

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