Public debt to fall under 70pc of GDP by 2018, says Fiscal Council head
Budapest, November 18 (MTI) – Hungary’s public debt is expected to fall under 70 percent of GDP by 2018, the head of the Fiscal Council told daily Magyar Hirlap on Wednesday.
The paper cited latest central bank data showing 25,910 billion forints (EUR 83m) of Maastricht debt, or 78 percent of GDP, at the end of the third quarter. Arpad Kovacs said that in order to reduce debt below 70 percent of GDP, it must drop under 900 billion forints.
The deficit could be reduced to a few hundred billion forints in a few years but public debt will drop only after 2018, once the budget breaks even, Kovacs told the paper.