Bloomberg News

Hungary 2011 Budget Deficit More Than Double of Original Target

January 09, 2012

Jan. 9 (Bloomberg) -- Hungary’s budget deficit was 1.73 trillion forint in 2011, 252 percent of the government’s initial year-end target, the Economy Ministry said.

The shortfall is 110 percent of modified annual goal, the ministry said in an e-mailed statement today.

The budget booked a deficit of 486.5 billion forint in December as the government assumed a total of 246 billion forint in debt from counties and from the state railway company, the statement said. The Cabinet also also injected 120 billion forint into state development bank MFB and paid back 220 billion forint in value-added tax to companies, according to the statement.

The country’s budget deficit will probably be 2.94 percent of gross domestic product under European Union calculations, without the impact of one-off items, the ministry said.

To contact the editor responsible for this story: Edith Balazs at ebalazs1@bloomberg.net


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