Far From Out Of The Woods

January 2005 | Market Strategy

Despite the suggestion from the Hungarian finance ministry that the 5.3% of GDP budget deficit target would be met, we still remain very concerned about the twin deficit problems in Hungary. While the preliminary figures are due on 7 January, the final numbers will not be known until 17 January, and the national accounts based upon the EU-methodology are not available until March. VAT refunds seem set to cloud this year's attempts to rein in spending, which has hitherto met with only limited support amongst the ruling Socialist Party ministers. There is the risk that the enthusiasm for limiting public

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