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Oct 02, 2019

Hungary's public finances show 1.3 percent GDP surplus in H1

Hungary’s public finances had a first-half year surplus equivalent to 1.3 percent of GDP, calculated according to the European Union’s accrual-based accounting rules.

Hungary’s public finances had a first-half year surplus equivalent to 1.3 percent of GDP, calculated according to the European Union’s accrual-based accounting rules.

According to the latest figures from the Central Statistical Office (KSH), the government targets an ESA public finances deficit of 1.8 percent of GDP for the full year. In absolute terms, the H1 surplus reached HUF 295 billion. It compares to a HUF 235 billion deficit, equivalent to 1.1 percent of GDP, in H1 2018.

MTI highlights that the finance ministry has submitted to parliament the budget bill on the implementation of the 2018 budget. The document shows that the Hungarian economy performed at above the European Union average, the deficit calculated in line with EU methodology was lower than previously projected and the public debt to GDP ratio was also lower than previously expected.

The bill on the final accounts showed that Hungary had the third highest growth rate in the EU, with 5.1 percent GDP growth. The budget deficit was 2.3 percent calculated using EU accounting rules and public debt was reduced to 70.2 percent.

Photo credit: bbj.hu