Hungary public debt rises to 73.8% of GDP in Q3
Hungary's general government gross debt rose to 73.8% of GDP in the third quarter of 2020 according to financial accounts data published by the National Bank of Hungary (MNB) on Tuesday. The debt figure is the highest for the past three years and could rise further as the crisis is not over yet
Hungary’s debt rose 3.5 percentage points to 73.8% of GDP in the third quarter, the MNB said this morning. The debt rate would be 72.1% excluding Eximbank, but as the accounting debate regarding the state-owned bank has effectively been settled in favour of Eurostat, Portfolio relies on the former figure.
General government consolidated gross debt at nominal value was nearly HUF 35,000 billion at the end of September, increasing almost HUF 4,000 bn in nine months.
General government net lending amounted to minus HUF 545 bn or 4.4% of quarterly GDP in Q3. Of the sub-sectors of general government, net lending of central government was minus HUF 472 bn, that of local governments was HUF 85 bn and that of social security funds was minus HUF 158 bn. At the end of Q3 2020, the non-consolidated stocks of general government’s financial assets and liabilities amounted to 38.4% and 95% of GDP, respectively. As a result, the sector’s net financial worth amounted to -56.6% of GDP, the central bank said. The 12-month rolling net lending was 5.4% of GDP.
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