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General gov’t surplus reaches HUF 59.3 bln in November

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Hungaryʼs cash flow-based general government surplus, excluding local councils, reached HUF 59.3 billion in the first eleven months of 2016, a first reading of data released by the Ministry for National Economy today shows, according to Hungarian news agency MTI.

The eleven-month surplus this year compares to the HUF 970.7 bln deficit figure during the equivalent period of 2015. Last year government co-payments to EU-funded programs raised expenditures. 

In November alone, the general government ran a HUF 2 bln surplus.

The central budget ran a HUF 10.9 bln deficit in the first eleven months of 2016, while the social insurance fund had a HUF 8.9 bln deficit. The separate state funds had a surplus of HUF 79.1 bln.

The ministry attributed the general government surplus for the first eleven months to favorable economic developments, the whitening of the economy, higher tax revenues and financing from the European Union.

The surplus for the month of November was mainly the result of the settlement of the "asphalt case," the ministry added.

The ministry earlier said that the October budget position did not yet include the HUF 176 bln funding retroactively due to Hungary from the EU after resolving a dispute over earlier road construction tenders. These funds arrived on the operative program accounts in the last days of October but will technically appear in the budgetʼs position only in November, it noted.

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