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Hungary sees November budget deficit at Ft 230.4 bln

Hungary said it expects its budget deficit to reach Ft 230.4 billion ($1.1 billion) in November, the Finance Ministry said.

Hungary expects a deficit of 2.06 trillion forint for the full year, the Budapest-based ministry said in a report today. It maintained its deficit goal of 10.1% of gross domestic product for 2006. Prime Minister Ferenc Gyurcsány is raising taxes, boosting regulated energy and drug prices and cutting government jobs to trim the deficit. Hungary's plan on adopting the euro, submitted to the European Commission September 1, forecasts the deficit by EU standards to drop to 3.2% of GDP by 2009. (Bloomberg)