General Government Gross Debt at 77,9% of GDP

General government consolidated gross debt at nominal value was 77,9% of GDP, amounting to HUF 69,012 billion, at the end of 2026 Q1. According to preliminary financial accounts data, general government net lending was equal to -5.6% (HUF -4,964 billion) of Hungary’s GDP in the four quarters to 2026 Q1.

General government net lending amounted to HUF -2,130 billion or -10,9% of quarterly GDP in 2026 Q1. Of the sub-sectors of general government, the net lending of the central government, local governments and social security funds was HUF -2,452 billion, HUF 291 billion and HUF 32 billion, respectively.

At the end of 2026 Q1, the nonconsolidated stocks of general government’s assets and liabilities amounted to 34.6% and 90,9%, respectively, of GDP. As a result, the sector’s net financial worth amounted to -56.3% of GDP. Within the financial assets of the general government, a significant increase was observed in the stock of deposits at the central bank and at credit institutions. The stock of securities also rose due to transactions.

On the other hand, a significant decrease was seen in long- and short-term loans provided by the general government. Moreover, the stock of other accounts receivable also declined, primarily due to a decline in receivables related to EU transfers. Within the liabilities of the general government, the stock of treasury deposits increased significantly. An outstanding rise was observed in securities due to transactions in 2026 Q1.

In the case of long-term securities, there was an outstanding amount of net purchases by financial institutions and the rest of the world. As regards short-term securities, demand was primarily driven by households and financial institutions. Within the loans of the general government, it was primarily short-term intergovernmental loans that decreased, while credit institutions’ short-term loan liabilities rose due to repurchase agreements.

The rise in long-term loans arising from transactions was mainly due to the financial institutions sector and, to a lesser extent, non-residents. The significant increase in other accounts payable was caused by the rise in trade payables and tax liabilities. At the end of 2026 Q1, within the total general government consolidated gross debt at face value, debt securities, loan liabilities, and deposits amounted to HUF 60,833 billion, HUF 7,472 billion and HUF 707 billion, respectively. Within the stock of debt, liabilities denominated in foreign currency amounted to HUF 22,773 billion (33.0%), and debt held by foreign creditors and domestic sectors were HUF 25,199 billion and HUF 43,813 billion, respectively.