Economy minister: budget deficit could fall to zero percent soon

Budapest, January 7 (MTI) – Hungary’s budget deficit will continue to shrink this year and could reach zero “in the foreseeable future”, Economy Minister Mihaly Varga said on public television late Wednesday.

Earlier in the day, Varga said last year’s deficit, calculated according to European Union rules, stood at about 2 percent of gross domestic product (GDP), below the government’s earlier target of 2.4 percent.

Varga told news channel M1 he personally expected the gap to be under 2 percent.

Hungary must strive to balance its budget, he said, noting that Germany and a few of the Baltic states had already achieved that goal.

Photo: MTI

Source: http://mtva.hu/hu/hungary-matters