Hungary's 2018 budget deficit reaches 2.2 pct of GDP

Source: Xinhua| 2019-04-03 02:42:39|Editor: Mu Xuequan
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BUDAPEST, April 2 (Xinhua) -- Hungary's central budget deficit was 2.2 percent of the gross domestic product (GDP) last year, according to data released by the Central Statistics Office (KSH) here on Tuesday.

"Hungary's 2018 budget deficit ended at 2.2 percent of GDP, slightly higher than the 2017 deficit of two percent but still below the government's 2.4 percent target," the KSH announced on its official website.

The country's public debt fell to 70.8 percent at the end of 2018 compared with 73.4 percent a year before, according to KSH.

"The Hungarian budget deficit has remained below three percent of GDP every year since 2012 and this year it is expected to be at 1.8 percent of GDP, while public debt is forecast to be just under 70 percent by the end of the year," Hungarian Finance Minister Mihaly Varga said after the publication of the data.

With this level, the Hungarian public debt was 10 percentage-points below the average of European Union members.

Varga also said that the government was constantly monitoring a slowdown in major European economies and should it be required, it was ready to implement economy-boosting measures in the second half of the year, but there was no need for such measures yet.

Hungarian economists and politicians are especially worried by a probable slow-down in Germany, which is Hungary's main export market.