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General gov’t deficit reaches HUF 848.3 bln in December

Hungaryʼs cash flow-based general government deficit, excluding local councils, reached HUF 848.3 billion in 2016, a first reading of data shows, Minister for National Economy Mihály Varga said at a press conference today, according to Hungarian news agency MTI.

The twelve-month deficit last year was HUF 389 bln lower than the full-year deficit in 2015, said Varga.

In 2016, tax revenues were HUF 490 bln higher than in 2015 and expenditures relating to European Union development projects were lower by around HUF 700 bln, added Varga, noting that the government spent HUF 800 bln more on investments than the year before.

The government deficit, calculated according to EU accounting rules, could be around 2% of GDP in 2016. State debt, calculated according to Maastricht rules, could fall to around 74% of GDP in 2016, down from 74.7% in the previous year, said Varga.