General government deficit reaches HUF 825.7 bln in 2014, under target

Banking

Hungary's cashflow-based general government balance, excluding local councils, came to HUF 825.7 bln for the full year of 2014, under the HUF 1.1515 trillion target, the National Economy Ministry said in a first reading of data yesterday. 

The deficit was 71.7% of the full-year target, Hungarian news agency MTI calculated. The central budget deficit came to HUF 837.1 bln for the year, while the social insurance funds and separate state funds had surpluses of HUF 5.7 bln and 5.7 bln, respectively.

The ministry said the fresh data confirm the government's expectations, according to which the deficit as a percentage of GDP, calculated according to European Union rules, could be smaller than the 2.9% target.

The ministry highlighted the positive effect on the full-year budget balance of the pick-up of economic growth, the expansion of employment and the extra revenue from the mandatory connection of tills to the tax office. Revenue from corporate tax, VAT, personal income tax and social contributions were all over the targets in the 2014 budget act, the ministry added.

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