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Hungary’s ruling coalition lawmakers passed the 2012 budget at dawn on Tuesday. The state set out to collect HUF 14,340.9 billion revenues and spend HUF 14,917.1 billion, according to the Budget Act. This means the deficit objective (on a cash flow basis) is HUF 576 billion. With last instant amendment proposals the government placed the budget on more realistic foundations, targeting a 2.5% of GDP budget deficit; 0.5% GDP growth and 4.2% annual average inflation, but there are still substantial risks surrounding the deficit goal. Without achieving that target, though Hungary will not be taken out of the EU’s excessive deficit procedure (EDP) it has been in since its accession to the bloc in 2004.




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