MNB sets 2015 deficit target at 2.6%

MNB

National Bank of Hungary (MNB) put the 2014 general government deficit at 2.8% of GDP, below the official target of 2.9%, according to the Bank’s Inflation Report released today.

MNB set a 2015 deficit target of 2.6% of GDP in the report. Keeping the deficit below the target will require disciplined fiscal policy in 2014 and 2015, including freezing any free budget reserves, the report notes.

On Tuesday The MNB published the inflation and GDP data report. The MNB raised its inflation forecast for 2014 to 0.1% from 0% in the June report and raised its projection for 2014 GDP growth to 3.3%  from 2.9% in June. The bank lowered its projection for 2015 GDP growth to 2.4% from 2.5%, while forecast for average CPI for 2015 was left unchanged.

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