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Hungary Budget Deficit Widens to 120% of Annual Goal by November

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Dec. 6 (Bloomberg) -- Hungary’s budget deficit widened to 691.7 billion forint ($3.2 billion), or 120 percent of the annual target, in the first 11 months of the year, the Economy Ministry said.

The budget booked a deficit of 33.6 billion forint in November, the ministry said in an e-mailed statement today.

Hungary, which targets a budget deficit of 2.7 percent of economic output this year, submitted amendments to Parliament on 854 billion forint of previously announced savings to be included in the 2013 budget, Economy Ministry deputy state secretary Peter Beno Banai told reporters today in Budapest. Hungary wants to keep the deficit below 3 percent of output this year and next year to exit the European Union’s excessive-deficit procedure and prevent a cut in EU funding, aid negotiator Mihaly Varga said today.

To contact the reporter on this story: Zoltan Simon in Budapest at zsimon@bloomberg.net

To contact the editor responsible for this story: Balazs Penz at bpenz@bloomberg.net

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