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Hungary gen govt deficit reaches 126.2% of modified full-year target by July

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Hungary's cash flow-based general government deficit, excluding local councils, reached HUF 1,494 billion in January-July, or 126.2% of the modified full-year target, the National Economy Ministry said in a detailed reading.

The figures are the same as in the preliminary report published on August 5.

Excluding the effect of the state's purchase of a 21.2% stake in Hungarian oil and gas company MOL or €1.9 billion at the beginning of the month, the deficit would have reached HUF 996 billion by the end of July, the ministry said.

Hungary's Parliament recently modified the full-year deficit target to HUF 1,184 billion from HUF 687.4 billion, because of the purchase of the MOL stake in a deal announced in May.

Adjusted for the pro rata effect of HUF 529 billion in revenue the budget is receiving from private pension fund assets transferred to the state's pension reform fund and revenue from extraordinary sectoral taxes, as well as excluding the purchase of the MOL stake, the deficit would reach HUF 869 billion at the end of July, the ministry said.

In a breakdown of the general government, the ministry said the central budget ran a HUF 1,37 billion deficit in January-July. The gap for the social insurance funds reached HUF 212.4 billion, but separate state funds had a surplus of HUF 85 billion.

In July alone, the general government had a HUF 460 billion deficit. The central budget deficit came to HUF 460 billion and the social insurance funds were HUF 24 billion in the red, but separate state funds had a HUF 24 billion surplus.

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