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Central Bank: Hungary's Public Debt Stagnates As Household Savings On The Rise

Tamás Székely 2015.02.17.

Hungary’s gross consolidated public debt, calculated at nominal value, in line with Maastricht methodology, was 77.3% of economic output at the end of 2014, unchanged from the end of 2013, a first reading published by the National Bank of Hungary (MNB) showed.

In nominal terms, gross consolidated public debt rose by 1,436 billion forints, or 4.7 billion euros, in one year to 24,521 billion forints at the end of 2014. The net issues raised the public debt by 848 billion forints, the weakening of the forint raised the total by 530 billion forints, and other volume changes added another 58 billion forints.

Meanwhile, the net household financial savings or net lending of the household sector totalled 1,882 billion forints, or 5.9% of Hungary’s economic output in 2014, the MNB said in a first reading. The savings ratio was up from 5.1% of gross domestic product in 2013, and was the second highest annual ratio since the beginning of 2005. The peak was reached, at 6.0%, in the third quarter of last year. In the fourth quarter alone, net lending of households came to 551 billion forints, or 6.4% of the quarterly GDP.

via hungarymatters.hu photo: public domain


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