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Nov 09, 2016

Hungary on course to achieve deficit target of 1.7 percent of GDP

"The modified EU-based deficit target of 1.7 percent looks realistic even reckoning with a run-up in spending related to EU projects in the rest of the year," the Ministry for National Economy has said

Hungary's budget posted a surplus of 59.7 billion HUF in October, which means that the full-year deficit target of 1.7 percent of GDP looks achievable, the Ministry for National Economy has said in a statement.

Reuters reports that Hungary cut its 2016 budget deficit target to 1.7 percent of economic output last month.

"The modified EU-based deficit target of 1.7 percent looks realistic even reckoning with a run-up in spending related to EU projects in the rest of the year," the Ministry said.

"The government is currently examining the possibility of using the room of manouevre within the budget," it added.

The October surplus pushed the accumulated January-October balance into a surplus of 57.3 billion HUF, which has been unprecedented in the past 15 years, the Ministry said.