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MNB puts general government deficit at 2.2% of GDP for 2016

MNB puts general government deficit at 2.2% of GDP for 2016

BUDAPEST: Hungary’s general government deficit, according to European Union accounting rules, could reach 2.2% of GDP next year, 0.2 percentage points over the target in the budget, the National Bank of Hungary (MNB) said in its June Inflation Report released today.

Revenue “from other asset sales and utilization” is targeted at HUF 133 bln in the budget, but the MNB said that because it is “not aware of any actual government plans” on the matter, it projects no revenue from this source.

The MNB noted that its forecast assumes the cancellation of the full amount of reserves in the National Protection Fund, which would improve the balance by 0.2% of GDP.