Népszava After ten years, the MNB raised interest rates


In Hungary, gross debt increased by about 11 billion euros in one year.

Last year, France, Italy and Germany had the highest consolidated gross public debt in the EU, with public debt in these three countries alone exceeding € 2 trillion. Portfolio based on a recent report from Eurostat. However, due to the coronavirus, there is no country on the list where public debt would not have increased in one year.
Hungary, with its 106 billion euros, is roughly in the middle field, our gross debt increased by about 11 billion euros in one year.

Eurostat data also show the share of households and non-profit institutions serving households in total government debt. As it was a year ago, Hungary is still in the top three in the EU. Only Italians and Portuguese have more public debt than Hungarian households. Italians saw some decline in household-owned debt, while Portugal stagnated. Overall, the public debt stock of the Polish, Irish and Romanian populations increased the most in one year.

If we look at the proportions, Hungary is first in line. According to last year’s data, the Hungarian population holds the largest share of public debt in the EU, with 24 percent.

The paper noted that this is a 24 percent decline from 27 percent in 2019, largely due to the appreciable saturation of the MÁP + market, and the pandemic has also affected numbers, with people investing less in retail government securities last year. A similar trend can be observed in Malta, where the former population rate of over 23 per cent fell to 19 per cent, and a decline was also seen in Portugal. With a rate of over ten per cent, only Ireland is on the list outside of these countries. There are also countries on the list where the purchase of government securities by households has not become established at all, in 14 member states the share of households does not exceed 1 percent of the total government debt.


Source: Népszava by nepszava.hu.

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