Hungary gen govt deficit reaches almost 50% of full-year target in Jan-Feb
Hungary's general government, excluding local councils, reached HUF 286.6 billion at the end of February or 49.7% of the target for the full year, the National Economy Ministry said on Wednesday.
The 2011 budget act earmarks an annual cash flow-based deficit target of HUF 576.2 billion for the central government.
The January-February deficit was little more than half of the respective 2011 shortfall in nominal terms, but was up in proportion to the full-year deficit. The January-February 2011 deficit was 32.3% of the preliminary HUF 1,734-4 billion shortfall registered last year.
The deficit for February was HUF 393.9 billion.
Corrected for one-off items, the two-month deficit reached HUF 294.3 billion or little less than one-third of the corrected annual target, the ministry said.
The ministry noted that the corrected deficit compared favorably to performance last year when, the January-February deficit reached HUF 566.9 billion or 39.4% of the preliminary one-off-items-adjusted deficit of the full year.
The February deficit of the central government was the result of a HUF 404.5 billion shortfall of the central budget, while the social security funds registered a HUF 3.7 billion deficit and the separate state funds had a HUF 14.3 billion surplus last month.
In the first two months, the central budget had a HUF 319.3 billion deficit, reaching 53.8% of the respective full-year target and the social security funds registered a deficit of HUF 2.2 billion or 6.2% of the respective annual target. The separate state funds had a surplus of HUF 34.9 billion in January-February or two-thirds of their annual target.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.