Hungary’s budget / GDP higher than regional peers – ministry

Budapest, February 18 (MTI) – Hungary’s budget-GDP ratio is six percentage points higher on average than other Visegrad states (Poland, Czech Rep, Slovakia) or other countries of a similar level of economic development, the Economy Ministry said in a report on Friday.

Interest financing accounts for almost 3 percentage points of the difference due to the high level of public debt, which is around 80 percent of GDP, the report said.

    Budgetary spending as a percentage of GDP exceeds 50 percent in Hungary, compared to 46 percent in Czech Rep, 44 percent in Poland and 41 percent in Slovakia.

    Hungary’s budget fails to promote growth and contains a high degree of current-account expenditures, notably social benefits, making up over 18 percent of GDP in Hungary compared to around 16.5 percent in Poland and just over 12 percent in Slovakia.

    Yet the budget allocates one percentage point less than the V4 average to health care, the report obtained by MTI on Friday added.

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