Hungary: Higher than expected deficit

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The Finance Ministry expects a Ft 172.2 billion budget deficit in November, taken without the municipalities, meaning that deficit is now at 5.4% of the GDP, state secretary Miklós Tátrai said.

In October, the deficit amounted to Ft 49.8 billion, versus a projected Ft 31.9 billion. The difference is due to Ft 18 billion extra wages paid out in October, because of holidays at the beginning of November, Tátrai said. Deficit in the first 10 months was Ft 1196.9 billion, 4.7% of the GDP. The Ministry will not change its annual prognosis of a 6.2% with and a 5.8 % deficit without the municipalities, emphasized Tátrai. (Gazdasági Rádió, NG, MH)

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