The Hungarian government's net borrowing stood at HUF 127bn (EUR 410.8mn) in Q4 2013 equalling to 1.6% of the quarterly GDP, according to preliminary financial accounts data, published by the central bank. In cumulative terms, net borrowing amounted to HUF 741bn, or 2.5% of the GDP, in 2013.
The central government had a net financing requirement of HUF 72bn in Q4. On the assets side, deposits with the central bank and tax receivables from companies fell sharply, while trade receivables increased significantly. On the liabilities side, holdings of government securities by the corporate sector and other monetary financial institutions fell due to transactions, while purchases of government paper by non-residents increased sharply
The local governments had a positive balance, as net lending stood at HUF 7bn. Similarly, the social security funds had a net lending of HUF 61bn in Q4 2013.
Hungary’s consolidated gross debt at nominal value, or the so-called Maastricht debt, stood at HUF 23,068bn, accounting for 79% of the GDP at end-2013, down from 80.2% at end-September 2013.
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