The central budget shortfall was HUF 2.78 tln, while the social insurance funds posted a HUF 95.6 billion deficit, partly offset by a HUF 89.1 bln surplus in separate state funds. In July alone, the general government deficit amounted to HUF 12.8 bln.
Interest expenditures reached HUF 2.73 tln in January-July, HUF 509.3 bln more than a year earlier. Revenues from taxes and contributions increased by 8.6%, with consumption-related tax revenues rising by around 9%. Spending on transportation and public utilities came to HUF 1.56 tln, rising HUF 234.6 bln compared to the same period last year.
“Hungary’s finances are in order and the budget remains on stable footing,” the ministry insisted in its statement, adding that “the government is implementing Europe’s biggest tax reduction program, while holding to its commitment to fiscal discipline and to reductions in state debt and deficit levels.”
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