Eurostat revises upwards public finance deficit of Hungary for 2009.

By bne IntelliNews April 23, 2010
The budget deficit of the general government, according to the accrual-based ESA95 methodology, amounted to HUF 1.1tn (EUR 4.1bn) in 2009 and increased by 4% y/y in 2009, Eurostat reported. This represented a slight upward revision of HUF 20bn from the preliminary deficit figures, reported by the statistics office (KSH) in the beginning of April. At the same time, the deficit remained unchanged at 4% of GDP for the year due to the small magnitude of the adjustment. For the same reason, available data makes it impossible to trace the sources of the deficit revision to the revenues or expenditures since Eurostat reported only figures in terms of GDP ratios and they were identical to the earlier KSH publication. In particular, the budget revenues in 2009 increased by 0.4pps y/y to 45.8% of GDP while budget spending expanded at a faster pace of 0.6pps y/y to 49.8%. Government debt stood at HUF 20.4tn at the end of the year, representing 78.3% of GDP. It expanded by 5.4pps y/y due to the nominal decline of GDP as well as the registered public finance deficit during the year.

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