Surplus cuts ten-month fiscal deficit to 84.5% of 2013 target

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A HUF 61.4 billion surplus posted in October reduced Hungary's cash flow-based general government deficit, excluding local councils, to HUF 887.7 billion in January-October, the National Economy Ministry said on Thursday. The ten-month deficit thus reached 84.5% of the upward revised HUF 1,050.8 billion full-year target, Econews calculated.

Similarly to the previous months, the ministry said that the monthly fiscal position was in line with the government's expectations "and the revenue and spending forecasts for the next months, including a very large surplus forecast for December, support the projection that the below-3% full-year deficit target will be met".

The official accrual-based, Maastricht deficit target is 2.7% of GDP for 2013.

Economy minister Mihály Varga on Thursday put this year's deficit ratio at 2.7% and 2.8%. The central budget had a HUF 24.5 billion surplus in October, with social insurance funds recording a surplus of HUF 21.6 billion and separate state funds a surplus of HUF 15.3 billion.

The ministry no longer publishes figures on the per-sector breakdown of ten-month performance and comparisons to the respective annual targets. Revenue from some taxes (e.g. VAT, personal income tax, vehicle registration tax, the extraordinary bank levy, duties) rose from a year earlier, the ministry said, noting the significant changes in both central government revenue and expenditure from last year.

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