The Ministry for National Economy hereby confirms that the accrual-based deficit target figure based on EU accounting methodology will come in as expected at below 2.94 percent of GDP.

The cash flow-based deficit of the state budget of 2011 was 1734.4bn HUF without local governments. This figure is a result of several one-off items. Without these the budget deficit would be 619.8bn HUF without local governments. The budget balance based on EU methodology, including one-off items, is expected to have a surplus of about 976bn HUF which corresponds to the 3.5 percent of GDP.

Consequently, according to the currently available cash flow data, the budget deficit calculated on the basis of EU methodology, without one-off items, is expected to come in at below the projected figure of 2.94 percent of GDP.

(Ministry for National Economy)