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2010 general gov't net financing requirement at 4.8% of GDP

The net financing requirement of Hungary's general government totaled HUF 1,294 billion or 4.8% of GDP in 2010, according to the National Bank of Hungary (MNB)

The net financing requirement of Hungary's general government totaled HUF 1,294 billion or 4.8% of GDP in 2010, the National Bank of Hungary (MNB) said on Friday, based on national account data. The figure includes reinvested profit accounted via the central bank.

Excluding the above-reinvested income item, net general government financing requirement totaled 4.4% of GDP or HUF 1,202 billion.

Hungary's gross consolidated general government debt at nominal value -- government debt calculated according to the Maastricht criteria – stood at HUF 21,749 billion or at 80.2% of GDP at the end of December 2010.

Net general government financing requirement is a good approximation of the ESA '95 general government deficit, published by the Central Statistical Office (KSH), except that the MNB statistics account the central bank's eventual profit or loss as re-invested profit or loss of the general government. The remaining gap between the accrual-based KSH deficit figure and that of the MNB reflects statistical error.