Public debt is falling faster than EU average, says government

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The rate at which Hungary’s public debt will decline in the coming years will be double the EU average, Finance Minister Mihály Varga said on Friday.

Hungary’s public debt-to-GDP ratio will fall to 63.1% by 2026 from 76.8% at the end of last year, Varga said on Facebook. The EU average is expected to drop to 84.1% in four years from 90.3% in 2021, he said. “Our goal is to make the economy crisis-proof,” he said, adding that the government would continue to improve balance, budget deficit and public debt indicators.

Statistical Office: Hungary posts a trade deficit of 523 million euros in April

Hungary’s trade balance showed a deficit of 523 million euros in April, the Central Statistical Office (KSH) said in a second reading of data released on Friday. In the first reading, published on June 8, KSH had calculated the April deficit at 475 million euros. Hungary, an export-driven economy where trade surpluses are the norm, recorded a trade deficit for the tenth consecutive month.

Exports increased by 12.6% per year to 11.097 billion euros and imports by 22.0% to 11.620 billion.

Read also The government explained how it would deal with the economic challenges

Source: MTI

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