Hungary fiscal deficit was 2.6% in 2011 without one-off items, economy minister says

Issues

Excluding one-off items, Hungary’s 2011 general government deficit was 2.8% of GDP as against the targeted 2.94% of GDP deficit ratio, National Economy Minister Gyorgy Matolcsy told an extraordinary session of parliament’s Budgetary and Audit Committee on Thursday.

Mr Matolcsy added that Hungary had a European System of Accounts (ESA) surplus of more than 3% of GDP last year.

The national economy minister said that the introduction of a flat-rate personal income tax regime has exercised a positive impact on budget revenue, employment, the whitening of the economy and, perhaps, had even improved Hungary’s demographic situation as well.

Mr Matolcsy remarked that the personal income tax revenue had grown 1%.

Hungary’s GDP grew by 1.3%-1.4% rather than the previously expected 3% in 2011, but the number of employed still grew by 42,000, the economy minister said.

ADVERTISEMENT

Pandemic has only moderate impact on big companies Analysis

Pandemic has only moderate impact on big companies

Parl't to vote on groundwork for commercial accommodation ra... Parliament

Parl't to vote on groundwork for commercial accommodation ra...

Duncan Graham reelected as BCCH president Appointments

Duncan Graham reelected as BCCH president

Budapest re-launches airport shuttle bus City

Budapest re-launches airport shuttle bus

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.