Hungary central bank sees budget deficit of 4.2% of GDP in 2010

By MTI

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Hungary’s central bank has said that the budget deficit could reach 4.2 percent of gross domestic product this year, which could be reduced to around 4.0 percent if all reserves in the budget stay frozen.

The budget shortfall is also likely to be higher than the government’s target in 2011, possibly at around 4.0 percent of GDP, according to the bank’s latest quarterly inflation report.

This year, the government targets a deficit of 3.8 percent of GDP and a shortfall of 2.8 percent of GDP in 2011, in line with an agreement with the IMF and EU, which have provided Hungary with a 20 billion euro rescue loan.

The bank expects the 2009 deficit to have hit 4.0 percent of GDP against the 3.9 percent government target.

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