Hungary’s state debt stood at 68.7 percent of GDP at the end of June, down from 70.0 percent of GDP at the end of March, the National Bank of Hungary said on Wednesday concerning preliminary data of Hungary’s financial accounts.

State debt, including Eximbank data, was down from 74 percent at the end of Q2 in 2018.

Hungary’s constitution requires the year-end debt-to-GDP ratio to fall each year until it reaches 50 percent.

Excluding Eximbank stat debt ratio would have reached 67.0 percent of GDP at the end of Q2, down from 68.2 percent at the end of Q1 and down from 72 percent a year earlier.

The NBH in 2018 started publishing separate state debt ratios, with and without the balance sheet of Magyar Eximbank, in line with a decision by Eurostat. Eurostat has for years maintained that that Magyar Eximbank should be reclassified inside the general government sector, raising state debt.

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