Excellent fiscal data for Q3

HUNGARY - In Brief 19 Nov 2018 by Istvan Racz
The general government sector's net borrowing requirement was the equivalent of -0.5% of GDP in Q3, i.e. the government had a small net financing surplus in that quarter. That was a major positive change from Q3 2017, when the net borrowing requirement was a considerable 3.2% of GDP. As a result, the net borrowing requirement fell to only 0.4% of GDP for January-September 2018, just marginally bigger than the 0.2% of GDP recorded in the same period of 2017. The annual target for the general government deficit remains 2.4% of GDP.One welcome consequence of the net financing surplus in Q3 was a decrease of the general government's gross debt ratio, to 72.8% of GDP from 73.6% in Q2 and from 73.3% at end-2017.These numbers seem to substantiate our previous claim that fiscal policy has been significantly tightened in recent months. They also suggest that both the annual deficit target and the objective to reduce the gross debt ratio this year as well will likely be met comfortably.

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