Hungary could lose access to EU funds aimed at developing its economy if it does not act on reducing its fiscal deficit, the EU's top economic official warned on Wednesday.

EU Economic and Monetary Affairs Commissioner Olli Rehn said efforts to reduce the Hungarian deficit in 2011 were due to one-off measures and without them, the deficit would have been 6 percent of economic output.

Hungary has not taken effective action, Rehn told a news conference. As Hungary is not a member of the euro, it won't face the prospect of a financial sanction, Rehn said.

It could nevertheless face a suspension of commitments from the cohesion funds from next year, from January 2013 onwards, Rehn added, referring to the EU's long term-term aid to poorer EU states.

Hungary's deficits have exceeded the European Union's threshold of 3 percent of gross domestic product since it joined the bloc in 2004.

(Reporting By Robin Emmott and Jan Strupczewski)