Hungary meets 2010 budget gap target of 3.8% of GDP.

By bne IntelliNews January 10, 2011
Hungary's cash flow-based general government deficit, excluding local councils, stood at HUF 869.8bn in 2010, or 3.2pc of GDP, portfolio.hu reported quoting economy ministry data. Thus, the country met its target for a general government deficit calculated according to the European budget accounting-based (ESA95) at 3.8% of GDP. The ministry attributed the achievement to its crisis measures, including fiscal savings, crisis taxes and nationalisation of the private pension fund assets. The measures resulted in additional HUF 420mn in revenues, while the strict spending generated another HUF 200-250bn in savings.

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