Central bank says deficit may be under 2% target

MNB

The state budget deficit could be less than the 2% targeted by the government for 2016, and might even be as low as 1.6%, the National Bank of Hungary (MNB) said today in its Budget Report.

The MNB said today that it is now calculating that the central budget could have a 1.8% deficit compared to GDP this year. If, however, the full amount of budget reserves, including the country protection fund, are not used, the deficit could be as low as 1.6% of GDP, MNB reported.

The 2016 budget bill currently targets an ESA deficit of HUF 704 billion, but the MNB calculates that this could be lowered to as little as HUF 561 billion, representing a 0.4 percentage point of GDP change from the original deficit figure.

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