Hungary’s general government deficit, excluding local councils, was HUF 724.2 billion in January-May or 105.4% of the full-year target, the National Economy Ministry said in a second reading on Tuesday.
The headline figures were the same as the preliminary ones published on June 7.
The general government ran a HUF 58.0 billion deficit in May, the ministry said. The central budget deficit came in at HUF 40.1 billion for the month and the social security funds showed a HUF 24.4 billion gap, but separate state funds ran a HUF 6.5 billion surplus.
The ministry said Hungary will meet the government’s ESA 2.94% deficit target and attributed the high pro-rata deficit in January-May to the timing of revenue and cost-savings.
The ministry noted that HUF 528.8 billion in revenue from assets in private pension funds would be transferred only in the second half of the year. Likewise, HUF 250.3 billion in fiscal savings measures will reduce the deficit mainly during the rest of the year, it added.
If the January-May deficit is adjusted for the pro rata amount of revenue from private pension fund assets, the gap would be HUF 503.9 billion or 73.3% of the full-year target, the ministry said.
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