Despite going from surplus to deficit from 2011 to ’12, dropping HUF 1.8 trillion along the way, Hungary nevertheless recorded a debt ratio of just 2.0% against national GDP, good for eighth-best among the 28 EU member states; this represents a fall from seventh-best recorded in ’11, but all other nations showing a surplus in that year – excepting Germany – recorded a deficit last year.
Overall, government deficit-to-GDP ratio decreased year-on-year in 2012 among the EU-28 nations from 4.4% to 3.9%; Eurozone countries’ ratios dropped from 4.2% to 3.7% y.o.y.
In reporting the results, Eurostat noted that “In 2012 the lowest government deficits in percentage of GDP were recorded in Estonia and Sweden (both -0.2%), Luxembourg (-0.6%) and Bulgaria (-0.8%), while Germany (+0.1%) registered a government surplus.
“Seventeen member states had deficits higher than 3% of GDP, with the largest registered in Spain (-10.6%), Greece (-9.0%), Ireland (-8.2%), Portugal and Cyprus (both -6.4%). In all, fifteen member states recorded an improvement in their government balance relative to GDP in 2012 compared with 2011, twelve a worsening and one remained stable…
“Fourteen Member States had government debt ratios higher than 60% of GDP, with the largest observed in Greece (156.9%), Italy (127.0%), Portugal (124.1%) and Ireland (117.4%).”
Hungary was one of just six EU countries whose debt-to-GDP ratio decreased in 2012, going from 82.1% to 78.9%.
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