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Hungary posts 1.5 pc-of-GDP budget surplus in H1

Hungary posts 1.5 pc-of-GDP budget surplus in H1

Hungary posted a budget surplus of 270.5 billion forints (EUR 868.7m) in the first half of 2017, equivalent to 1.5 percent of GDP, the Central Statistical Office (KSH) said on Friday.

The H1 surplus was up 183.9 billion forints or 1.0 percentage point of GDP compared to the same period in 2016.

Commenting on the data, economy ministry state secretary Péter Benő Bánai said the government would continue to pursue a stable budget, keeping the deficit low. This can be achieved by further reducing the public debt, he said.

He noted that European Union statistical authorities provide the Eurostat with data on their budget deficits and public debts twice a year.

Recently, there were slight disagreements between KSH and Eurostat on the methodology for calculating Hungary’s indices.

But the two authorities eventually reached a professional consensus and KSH made some methodological modifications to its calculations, he said.

The changes KSH has had to make, however, have not affected the positive developments concerning the budget deficit or the reduction of the public debt, he said, adding that Hungary was not at risk of being subjected to an excessive deficit procedure.

The public debt at the end of 2016, based on National Bank of Hungary data, came to 73.9 percent of GDP.

Source: MTI

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