Report: Budget gap to reach 2.7% of GDP in 2015

Banking

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The Fiscal Responsibility Institute (KFI) expects Hungary's general government deficit to reach 2.7% of GDP next year, based on an assessment of the 2015 budget bill, director Balázs Romhányi said at a press conference on Wednesday.

The projection takes into account the effect of modifications to proposals before lawmakers, such as scrapping the internet tax, but it excludes risks, Romhányi said. Taking these into account, there is a chance the gap could rise over the 3%-of-GDP threshold, he added.

The 2015 budget bill shows a general government deficit of 2.4% of GDP. Romhányi said state debt, as a percentage of GDP, would rise next year, and the structural balance would deteriorate.

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