Hungarian government's net borrowing at 3% of GDP in Q3 2013 – revised data.

By bne IntelliNews January 3, 2014

The Hungarian government's net borrowing stood at HUF 221.4bn (EUR 743.3mn) in Q3 2013 equalling to 3% of the quarterly GDP, the central bank said, revising up the initial estimate of HUF 137.2bn. In cumulative terms, net borrowing amounted to HUF 762.3bn, or 2.6% of the GDP in the four quarters to Q3 2013.

The central government had a net financing requirement of HUF 319.7bn in Q2. On the assets side, while deposits fell markedly, other accounts receivables, referring mainly to tax receivables increased. On the liabilities side, the stock of loans from abroad fell sharply due to repayments. At the same time, the stock of government debt securities increased as a result of issues.

The local governments had a positive balance, as net lending stood at HUF 42.6bn. Similarly, the social security funds had a net lending of HUF 55.7bn in Q3 2013.

Hungary’s consolidated gross debt at nominal value, or the so-called Maastricht debt, stood at HUF 23,089bn, accounting for 80.2% of the GDP at end-September 2013, down from 81.5% at end-June 2013.

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