Eurostat's Deficit Data About Hungary Beats Expectations

  • 23 Apr 2013 9:01 AM
Eurostat's  Deficit Data About Hungary Beats Expectations
The Hungarian general government deficit figure of 1.9% reported by Eurostat is even more favourable than the formerly announced 2.1%.

On Monday, Eurostat published its report on fiscal deficit and government debt data for 2012 with regard to European Union member states. According to this release of the international organization, Hungary’s fiscal deficit-to-GDP ratio was seventh best within the EU, equal to that of Finland, and far better than the EU average. This compares favourably with the fact that last year, in the EU as a whole, 17 member states had government deficits that breached the 3% statutory limit.

The Government has made tremendous efforts to set the country’s debt ratio on a sustainable, declining path and put Hungary’s fiscal affairs in order. The Government has been committed to reduce government debt and the recently published international data confirm the results of this attitude: Hungary was among those six member states where the debt level decreased, while it increased in the 21 other countries.

This data also substantiates expectations that on the basis of statistics, Hungary must exit the Excessive Deficit Procedure.

Source: Ministry for National Economy

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