Josef hírek

2012.11.10. 19:50

Deficit, public debt trends turn in 2012, says state secy

Budapest, November 8 (MTI) - By pushing the budget deficit below 3 percent of GDP and reducing the public debt, Hungary will manage to reverse the previously prevailing trend in 2012, state secretary of economy Zoltan Csefalvay said in Budapest on Thursday.

Budapest, November 8 (MTI) - By pushing the budget deficit below 3 percent of GDP and reducing the public debt, Hungary will manage to reverse the previously prevailing trend in 2012, state secretary of economy Zoltan Csefalvay said in Budapest on Thursday.

Addressing a conference of the business daily Vilaggazdasag, he cited the European Commission s Wednesday report as saying that Hungary s budget deficit would be 2.5 percent of GDP this year, 2.9 percent in 2013 and 3.5 percent in 2014.

 

The state secretary added that the EU, on the average, would not push its overall deficit to below 3 percent next year either, the current estimate being 3.2 percent.

 

Citing the report, Csefalvay said that Hungary s public debt-to-GDP ratio would be reduced from last year s 80.8 percent to 78.4 percent this year, 77.1 percent in 2013 and 76.8 percent by 2014.

 

The corresponding ratio is expected to be 88.1 percent in the European Union as a whole, he said.

 

Sandor Demjan, head of the National Association of Entrepreneurs and Employers VOSZ, called economic growth as the best way of reducing the public debt.

 

He said that leaving unused the 3,000 billion forints worth of EU funds, making up 10 percent of Hungary s GDP, would be a "crime".

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