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FinMin gives 2007 deficit as 6.8% of GDP

Finance Minister János Veres said on Tuesday that Hungary's 2007 public finance deficit had been calculated at Ft 1,753.2 billion (€6.7 billion), amounting to 6.9% of GDP using cash-flow accounting or 6.8% using ESA 95 calculations.

Speaking at a Budapest news conference, Veres said the budget was focused on gap reduction and responsible spending. The budget was calculated for an inflow of Ft 14,406.1 billion (€55.4 billion) and expenditure of Ft 16,159.3 billion (€62.1 billion). The central budget deficit will amount to Ft 1,653 billion (€6.3 billion), the social insurance fund deficit to Ft 32.2 billion (€123 million), the local government deficit will be Ft 84 billion (€316 million), and separate earmarked government funds show a Ft 16 billion (€61 million) surplus. There will be a reserve fund of Ft 221 billion (€850 million) built into the budget, Veres added.