General govʼt deficit estimated at 1.7% of GDP, KSH says

MNB

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The Central Statistical Office (KSH) has lowered its projection for Hungaryʼs general government deficit as a percentage of GDP to 1.7% in an Excessive Deficit Procedure (EDP) report submitted to Brussels, the report shows, according to Hungarian news agency MTI.

The projection was lowered from 2.0% – in line with the official government target – in an EDP report sent in the spring. 

Hungaryʼs cash flow-based general government deficit, excluding local councils, reached HUF 274 billion at the end of August, 36% of the full-year target, the latest data from the Ministry for National Economy show.

The KSH also revised last yearʼs deficit down to 1.57% of GDP from 1.86% on the back of a narrower deficit and higher GDP.

As a result of the revision, the KSH lowered Hungaryʼs state debt as a percentage of GDP to 74.7% from 75.3% at the end of 2015.

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