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Hungary debt ratio reaches 85.0% of GDP

MNB

Hungary's gross consolidated government sector debt, calculated at nominal value, in line with Maastricht methodology, reached HUF 25,437 bln, equivalent to 85.0% of GDP, at the end of June, a second reading of financial accounts data released by the National Bank of Hungary (MNB) today show.

The debt ratio was one-tenth of a percentage point lower than the figure in a preliminary release of the data published on August 18.

Transactions raised the debt by HUF 437 bln and the weaker forint boosted it by HUF 65 bln in the second quarter.

The debt ratio rose from 84.5% at the end of March and 79.4% at the end of 2013.

The general government net financing requirement was HUF 296 bln in Q2, equivalent to 3.9% of quarterly GDP. The net financing requirement for the four quarters to Q2 was HUF 908 bln or 3.0% of GDP during the period.

Net borrowing of the central government came to HUF 274 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 MNB noted.

Net borrowing of local councils reahced HUF 86 bln in Q2.

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