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Hungary’s general Government deficit may rise 2.2% of GDP in 2016: MNB

Hungary’s general Government deficit may rise 2.2% of GDP in 2016: MNB

BUSDAPEST: Hungaryʼs general government deficit, according to European Union accounting rules, could reach 2.2% of GDP next year, over the 2.0% target, the National Bank of Hungary (MNB) said in an assessment of the governmentʼs budget bill released today.

The MNB said primary fiscal revenue could fall short of the target by the equivalent of 0.7% of GDP, raising the deficit. The main reason for the discrepancy is some HUF 115 billion targeted in the bill from “other revenue from the sale and utilisation” of state-owned assets, the central bank added.

The MNB calculated the 2.2% deficit assuming the full cancellation of reserves worth the equivalent of 0.3% of GDP in the National Protection Fund. In an opinion on the budget bill published earlier, the State Audit Office (ASZ) also said that the revenue targeted from the sale and utilisation of state-owned assets presented risk.