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Hungary Q1 gen govt deficit 56% of full-year target

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Hungary posted a cashflow-based general government deficit, excluding local councils, of HUF 493.6 billion in the first quarter of 2013, or 56.0% of the HUF 841.8 billion full-year target, the National Economy Ministry said in a first reading on Monday. In March alone, the general government, excluding local councils – the central government – had a deficit of HUF 154.1 billion. The central government had a deficit of HUF 230.9 billion in March 2012 and a deficit of HUF 517.5 billion in Q1 last year, posting 85.2% of the preliminary full-year deficit. The ministry noted that tax and other changes make the two years not directly comparable. Within the general government, the central budget had a HUF 137.5 billion deficit in March, while the national social insurance funds had a surplus of HUF 600 million and the separate state funds had a deficit of HUF 17.2 billion last month. March central budget revenue was up HUF 223 billion from twelve months earlier, and expenditure was up by HUF 125.0 billion. March 2013 saw higher revenue from some taxes, mainly from VAT, and revenue was raised by the new taxes introduced this year, the ministry said. Revenue of ministries and other budget chapter managed appropriations was also up. March spending was boosted by expenditure by ministries and other budget chapter managed appropriations, and mainly reflected takeover of local councils' health and educational institutions by the central government as of May 1, 2012 and on January 1, 2013. In January-March, the central budget registered a deficit of HUF 588.6 billion, reaching slightly more than two-thirds of its full-year target. A year ago, the January-March central budget deficit was HUF 33.2 billion smaller, at 89.5% of the preliminary full-year figure. The social insurance funds, planned to break even in 2013, had a HUF 62.6 billion surplus in the first quarter as compared to a HUF 5.8 billion deficit one year earlier. Separate state funds registered a surplus of HUF 32.4 billion in January-March against a targeted full-year deficit of HUF 7.3 billion. In February-March 2012, they had a surplus of HUF 43.1 billion, little less than one-third of their annual surplus in 2012.

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