Hungary to revise upwards 2014 budget deficit target to 2.9% of GDP

By bne IntelliNews September 16, 2013

The Hungarian government is expected to raise its budget deficit target for next year to 2.9% of GDP from current 2.7% of GDP planned under the country’s Convergence Programme for the 2013-2016 period, portfolio.hu reported, citing local daily Nepszabadsag.

The measure has been discussed at the latest cabinet meeting on September 11. However, the reason for the upward revision has not been disclosed.

The government will submit for approval to the parliament the 2014 state budget bill by September 30.

As noted, the government targets an ESA95 deficit of 2.7% of GDP in 2013 as well.

The Council of EU finance ministers (ECOFIN) backed on June 21 a proposal of the European Commission to lift the excessive deficit procedure against Hungary, which was initiated in 2004 after the country joined the EU. The Commission made its recommendation on May 29, concluding that the country has taken adequate adjustment measures to keep the fiscal deficit below the 3% threshold in both 2013 and 2014.

Related Articles

Hungarian branch of Bucharest listed Digi to buy Invitel Tavkozlesi in €140mn deal

Bucharest listed Digi Communications announced on July 21 that its Hungarian subsidiary, Digi Tavkozlesi es Szolgaltato, has signed an agreement to acquire Hungarian broadband and telephone provider ... more

Czech judiciary denounces Poland's move to end separation of powers

Senior Czech judges on July 21 denounced Poland's judicial overhaul as an attack on the rule of law. With big street protests in the Czech Republic's neighbour seemingly gathering momentum – 120 ... more

Hungary's MOL strikes licensing deals essential to $1.9bn petrochemical expansion ambitions

Hungary's MOL announced on July 20 that it has struck licensing deals with Germany's Evonik Industries and Thyssenkrupp that will be essential in its plan to roll out a $1.9bn investment in ... more

Dismiss