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Gen gov’t deficit reaches 84.5% of full-year target in October

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Hungary’s cash flow-based general government deficit, excluding local councils, reached HUF 887.7 billion at the end of October or 84.5% of the full-year target, the National Economy Ministry confirmed in a second reading of data on Thursday.

The deficit narrowed on a HUF 61.4 billion surplus for the month of October. The central budget was HUF 24.5 billion in the black for the month, and the social insurance funds and separate state funds recorded surpluses of HUF 21.6 billion and HUF 15.3 billion, respectively.

In January-October, the central budget deficit reached HUF 1,192.4 billion or 14.3% of the full-year target. The social insurance funds were HUF 234.7 billion in the black and separate state funds ran a HUF 70.0 billion surplus.

Among the main revenue items, revenue from VAT was at 77.1% of the full-year target, or HUF 2,277.4 billion, and revenue from excise tax was at 79.2% of the target, or HUF 749.7 billion. But revenue from the financial transaction duty reached just 59.1% of the target, or HUF 178.1 billion.

The government had responded to the shortfall, already apparent earlier in the year, by raising the rate of the financial transactions duty from August 1 and requiring banks to pay a one-off supplement to make up for a shortfall in revenue from the duty.

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