World Economy

Hungary’s Debt Rises

Hungary’s  Debt RisesHungary’s  Debt Rises

Hungary?s state debt, calculated according to Maastricht rules, grew to 76.9% of GDP at the end of March, from 75.3% at the end of last year, preliminary data released by the National Bank of Hungary revealed Tuesday, according to Hungarian news agency MTI. According to data published by the central bank, state debt in nominal terms reached HUF 26.147 trillion ($93.7 billion) at the end of Q1, rising by HUF 753 billion from the end of 2015. Net borrowing accounted for HUF 751 billion of the increase, MTI reported. The government?s net liabilities rose HUF 265 billion to HUF 23.690 trillion, or 69.7% of GDP, up 0.2 of a percentage point after reaching a three-year low at the end of last year, MTI added. Within the general government, the central government net financing requirement was HUF 129 billion, while local councils had net financing capacity of HUF 102 billion and the social insurance funds had net financing capacity of HUF 23 billion.