Bloomberg News

Hungary’s 2012 Budget Goal is Attainable, Economy Ministry Says

October 20, 2011

Oct. 20 (Bloomberg) -- Hungary’s 2012 budget-deficit target of less than 2.5 percent of gross domestic product is attainable, the Economy Ministry in Budapest said in an e-mailed statement today.

The central bank, which expects the shortfall to reach 3.1 percent, disregarded -- because of its methodology -- the budget effect of certain measures whose legal framework is being constructed, the ministry said.

The government’s position on criticism about the effectiveness of taxes, contributions and revenue collection continues to be that the income and savings figures in the budget draft submitted to lawmakers are adequately founded and will help achieve the targeted budget deficit of less than 2.5 percent of GDP, it said.

To contact the editor responsible for this story: Balazs Penz at bpenz@bloomberg.net


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