Hungary Nine-Month Budget Deficit Reaches 229% of 2011 Target
The January-September shortfall was 229 percent of the original annual target, compared with 225 percent in the first eight months, the ministry said. Adjusted for revenue from pension funds and the purchase of a stake in refiner Mol Nyrt., the deficit was 112 percent of the modified annual target.
Hungary, which officially targeted a deficit of 2.94 percent of gross domestic product by EU standards this year, forecasts a surplus after effectively nationalizing private pension funds and levying extraordinary taxes on energy, financial, retail and telecommunication companies.
Hungary can meet its budget target this year, according to the statement.
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