Monday, Nov 19, 2018. 18:32

Maastricht debt down to 70.9% of GDP (minus Eximbank)

According to data on the website of the National Bank of Hungary (MNB), general government consolidated gross debt according to the convergence criteria set out in the Maastricht Treaty was 70.9% of GDP at the end of Q3 2018 at nominal value, with net lending equal to -2.2% of Hungary’s GDP in the four quarters to Q3 2018.

At the end of Q3 2018, general government consolidated gross debt at nominal value (Maastricht debt) was HUF 28,927 billion, equivalent to 70.9% of GDP. Transactions increased the debt by HUF 277 bln, while revaluations reduced it by HUF 92 bln in the reporting quarter.

Including the debt of Eximbank, the sector’s Maastricht measure of debt was 72.8% of GDP, 1.9 percentage points higher than the 70.9% calculated on the basis of financial accounts methodology. Net liabilities of the general government amounted to HUF 23,436 bln, or 57.4% of GDP, at the end of Q3 2018.

In Q3, net borrowing of the central government amounted to HUF 35 bln. Net lending of local governments was HUF 121 bln. Net borrowing of the social security funds was HUF 35 bln.

According to preliminary financial accounts data, net lending of households was equivalent to 6.2% (HUF 2,514 bln) of quarterly GDP in the four quarters to Q3 2018, and to 4.9% (HUF 524 bln) of quarterly GDP in Q3 2018 alone.

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