Hungarian surplus Ft 97.5 bln in May; up on forecast

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Hungary's general government posted a Ft 97.5 billion cash flow-based surplus in May, Ft 8.9 billion more than the official forecast of a Ft 88.6 billion surplus.

The May surplus came after a Ft 14.1 billion deficit in April, the Finance Ministry said on Tuesday

The five-month deficit came to a preliminary Ft 424.8 billion or 1.6% of GDP, and reached 38.9%of the full-year deficit target. The preliminary five-month deficit was Ft 328 billion down from the same period last year.

The central budget posted a surplus of Ft 76.2 billion in May, Ft 15.2 billion more than the Ft 61 billion surplus forecast. The Ft 24 billion preliminary surplus of the social insurance funds fell Ft 4.7 billion short of the ministry's expectation for a May surplus of Ft 28.7 billion. The separate state funds had a deficit of Ft 2.7 billion in May, up from the respective forecast for a deficit of Ft 1 billion.

The preliminary five-month central budget deficit was Ft 475.4 billion, 43.8% of the full-year forecast, and Ft 348 billion down from the same period last year.

The social insurance funds had a deficit of Ft 2.1 billion in January-May this year, compared to a Ft 12.9 billion surplus a year earlier. The ministry forecasts a Ft 12.6 billion deficit for the funds for the full year (after health co-payments introduced last year were abolished as a result of a referendum in the spring) as against an originally targeted full-year surplus of Ft 2 billion.

The Ft 52.7 billion surplus recorded by the separate state funds in January-May this year is down from the Ft 57.5 billion surplus recorded in the same period last year, and eleven times higher than the full year target of Ft 5 billion.

The Finance Ministry forecasts a cash-flow general government deficit of Ft 1,092 billion, excluding local councils, for 2008, down by a slight Ft 2 billion from the original target, and Ft 200 billion less than in 2007.

The Finance Ministry will publish details of the general government's January-May cashflow position on June 17. (MTI – Econews)

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