Hungary general govt deficit reaches 82.3% of modified full-year target in Jan-Nov

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Hungary had a cash flow-based general government surplus, excluding local councils, of HUF 79.9bn in November, bringing the January-November deficit to HUF HUF 1,247.9bn, or 82.3% of the modified full-year target, the National Economy Ministry said in a preliminary report on Wednesday.

The ministry projects the full-year deficit to be in line with the modified target of HUF 1,517.1bn.

The projection translates into a December deficit of HUF 269bn.

The ministry said HUF 219.2bn in realised revenue from the Pension Reform and Debt Reduction Fund contributed in significant measure to the surplus in November.

In a breakdown of the general government, the ministry said the central budget ran a HUF 1,296.3bn deficit in January-November. The gap for the social insurance funds reached HUF 30.2bn, but separate state funds had a surplus of HUF 78.6bn in the first eleven months.

In November alone, the central budget had a deficit of HUF 39.2bn, the social insurance funds had a surplus of HUF 120.7bn and the separate state funds had a deficit of HUF 1.6bn.

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