Eurostat doubts numbers provided by Hungary

Eurostat is maintaining the reservation on the quality of the data reported by Hungary in relation to the sector classification of Eximbank, which needs to be reclassified inside the general government sector resulting in an increase in government debt.

"Eurostat is maintaining the reservation on the quality of the data reported by Hungary in relation to the sector classification of Eximbank (Hungarian Export-Import Bank Plc). Eximbank needs to be reclassified inside the general government sector which will result in an increase in government debt,' the financial website portfolio.hu quotes the European Statistcal Office.

This is not new, the website notes. The statistical office of the EU stated in its so-called first notification this April that it had reservations on the quality of the data reported by Hungary in relation to the sector classification of Eximbank.

What is new is that Eurostat is now looking into operations carried out by the Hungarian central bank too: "Eurostat is discussing with the Hungarian statistical authorities the possible rerouting of operations carried out by the Hungarian National Bank, deemed to be undertaken on behalf of government."

According to portfolio.hu, Eurostat is most likely referring to the educational activities of the foundations established by the central bank.