General government reaches HUF 92.2 bln surplus in January

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Hungaryʼs cashflow-based general government balance, excluding local councils, was HUF 92.2 billion in the black in January, thanks to higher tax revenue, according to a first reading of data released by the National Economy Ministry yesterday.

The ministry noted that the government ran a HUF 53.8 bln deficit in the same month a year earlier.

The government targets a full-year deficit of HUF 761.6 bln.

The fresh data show that the central budget surplus came to HUF 17.6 bln in January. The social insurance funds and separate state funds had surpluses of HUF 41.2 bln and HUF 33.4 bln, respectively.

Tax revenues have risen over the past twelve months as payroll and consumption taxes were up due to higher employment figures, and tax moral improved following steps taken by the government, the ministry said.

Expenditures were lower this January compared to last year due to lower costs associated with the European Union funding cycle, the ministry said. Payments for the 2007-2013 cycle have concluded and payments for the 2014-2020 cycle have not yet begun, it explained.

The ministry confirmed the full-year deficit target of 2% of GDP, calculated according to European Union rules, noting that the European Commission also said the goal was achievable in a recent report.

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