Hungary raises 2003 public deficit to 6.1 percent of GDP
Hungary's public deficit reached 6.1 percent of gross domestic product at year-end 2003, up from the government's previous estimate of 5.9 percent, a finance ministry spokesman said Friday.
"The public deficit last year was 6.1 percent of GDP," spokesman Ferenc Pichler told AFP.
The 2003 deficit figure has repeatedly been revised upwards as the country struggled to rein in spending and meet government deficit reduction targets.
It is aiming to reduce it to 4.6 percent of GDP for year-end 2004.
However, a finance ministry monthly report released earlier this week conceded that the January to August accumulated deficit was already more than the amount forecast for the entire year.
The central bank on Wednesday warned that the deficit could surpass 5.4 percent of GDP in 2004, while some analysts have said it could even reach 5.8 percent of GDP.
The country needs to reduce its deficit to 3.0 percent of GDP by 2008 in order to be eligible to adopt the euro in 2010, which the government has set as its goal.
In light of the disappointing monthly deficit data, the government is widely expected to revise upwards its deficit target for this year when the cabinet meets on Wednesday.
Former finance minister Laszlo Csaba was sacked in January for overshooting the deficit target for 2003.
