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Hungary's 2012 accrual-based deficit to be under 3% of GDP, analysts say

Data showing Hungary had a cashflow-based general-government deficit, excluding local councils, of HUF 607.5 billion, or 2.1% of projected GDP in 2012 suggests that the country will remain under the 3%-of-GDP accrual-based deficit threshold necessary for removal from the European Union's Excessive Deficit Procedure (EDP), Buda-Cash analyst Gergely Toth and Erste Analyst Zoltan Arokszallasi told MTI on Tuesday. Gergely Toth said that the government budget contains sufficient reserves to compensate for any possible increase to Hungary's 2012 accrual-based deficit data due to be published at the end of March. Toth noted that the European Union will also take Hungary's 2013 deficit data into consideration when considering whether to lift the country from the EDP.