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State debt stood at 74.6% of GDP at end of Q1

Hungary’s state debt, calculated according to Maastricht rules, stood at 74.6% of GDP at the end of March, up from 74.1% of GDP at the end of December, the National Bank of Hungary (MNB) said today concerning Hungaryʼs preliminary financial accounts, according to state news agency MTI.

The state debt ratio in Q1 2017 fell from 76.6% in the corresponding period a year earlier. 

In nominal terms, the state debt reached HUF 26.442 trillion at the end of Q1, up from HUF 25.922 tln at the end of Q4 2016. Net borrowing increased the nominal figure by HUF 576 billion, but revaluations decreased it by HUF 56 bln in the first quarter.

The net financing requirement of the general government, which is a good approximation of the general government deficit, was HUF 589 bln or 1.7% of GDP in the four quarters to the end of Q1, according to MTI. The general government had a net financing requirement of HUF 639 bln in Q4 2016.