Hungary's public deficit for 2003 could reach 5.8% of gross domestic product

Hungary's public deficit for 2003 could reach 5.8% of gross domestic product, higher than the figure that led to the dismissal of his predecessor, incoming finance minister Tibor Draskovics says. "According to my best knowledge, the final results couldn't be higher than 5.6 (percent of GDP) plus 0.2," Draskovics told a press conference. Draskovics said the additional 0.2% added to the forecast deficit figure stems from last year's negative balance of the State Privatization Agency, APV. Draskovics' predecessor, Csaba Laszlo, was fired last month after admitting that the deficit would reach 5.6% of GDP, exceeding initial forecasts of 5.2%. Draskovics said the 2004 year-end deficit would be kept at 4.6%. He has announced spending cuts of 155 billion forint (578 million euros, 731 million dollars) for the coming year.