European Commission assessment of 2014 government deficit: 3.0%

MNB

The European Commission projected Hungary’s general government deficit would reach the 3.0% of GDP European Union threshold in 2014 in its Autumn European Economic Forecast published Tuesday.

Brussels lowered the projection from 3.3% of GDP in the spring forecast published in May. It also lowered the projection for the 2013 general government deficit to 2.9% from 3.0%.

The government targets deficits of 2.7% and 2.9% of GDP for 2013 and 2014, respectively.

The EC put Hungary’s GDP growth rate for 2014 at 1.8%, slightly under the government’s projection of 2.0%.

The forecast shows Hungary’s state debt as a proportion of GDP falling to 79.9% in 2014 from 80.7% in 2013.

Annual average inflation is set to pick up to 2.2% in 2014 from 2.1% in 2013, according to the forecast.

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