Hungary grows public debt level while national currency weakens

Hungary's public debt level reached 82 percent of the country's Gross Domestic Product (GDP) at the end of the third quarter this year, up from 76.7 percent at the end of the previous quarter, the National Bank of Hungary said Wednesday. This was boosted mainly by a weaker national currency – the forint, while around a third of the increase came from new debt issues, according to the bank. The country targets a 73 percent of the GDP for its public debt until the end of 2011.

The forint has been under pressure lately mostly due to the euro zone debt crisis and to the connections to banks in other euro zone countries. editor@romania-insider.com (photo source: Wikipedia)