Hungary ranked 13th among 28 European Union member states with its public debt measured at 76.9% of gross domestic product (GDP) last year, according to Eurostat’s fresh data published on Wednesday. Public debt stood at 86.8% of GDP last year on average in the EU, up from 85.5% in 2013. The euro zone average was 91.19% in 2014, up from 90.19% the year before, Eurostat said.
In Hungary’s case 54.5% of public debt was held by non-resident investors, 33.8% by resident financial investors and 11.8% by resident non-financial investors, it added. The percentage of Hungary’s public debt in the hands of non-financial investors is the third-highest in the European Union, daily Napi Gazdaság said, citing data from Eurostat. The rate stands at 12% in Hungary, trailing only Belgium and Malta, the paper said. Hungary is followed by Ireland and Italy, where non-financial investors hold 10% of those states’ debt.
Last month Hungarian National Bank (MNB) said that Hungary’s public debt stood at 77.2% of GDP at the end of March, up 0.3 percentage points from the end of last year, but down 5.1 percentage points from a year earlier. In the first quarter, gross borrowing transactions raised public debt by 897 billion forints to 24,976 billion forints, while appreciation of the forint reduced the forint term amount by 440 billion forints, MNB said.
hungarymatters.hu, napigazdasag.hu and ec.europa.eu/eurostat photo: public domain