The consolidated balance of Q1 shows a deficit of Ft 772.2 billion (€3.13 billion), almost Ft 12 billion less than the Financial Ministry had expected. The deficit of social security funds in March is Ft 87.6 billion, bringing Q1 deficit Ft 7 billion lower than expected. State funds had a surplus of Ft 2.9 billion in March, bringing Q1 surplus balance Ft 4 billion short of the expectations.
At the end of March, the state budget deficit was 3% of the GDP as opposed to the Ministry 3.1% prognostic. Last March, state budget deficit was Ft 353.7 billion, with a Q1 figure of Ft 789.2 billion. In a remark made at a London conference organized by The Economist, PM Ferenc Gyurcsány assumed that Hungary will fulfill the convergence criteria in 2011. To achieve that, Gyurcsány suggested that the tax system needs to be fundamentally transformed. (Gazdasági Rádió, Magyar Hírlap, Napi Gazdaság)
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