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Advance payments on EU funding lift deficit

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Hungaryʼs cash flow-based general government, excluding local councils, ran a HUF 1,639.0 billion deficit by the end of November, lifted by advance payments on European Union funding, the Ministry for National Economy confirmed in a detailed release of data on Thursday, summarized by state news wire MTI.   

Confirming earlier preliminary data released on December 7, the central budget ran a HUF 1,667.0 bln deficit at the end of November and the social insurance funds were HUF 93.3 bln in the red, while separate state funds had a HUF 121.3 bln surplus.  

The deficit thus reached 140.5% of the HUF 1,166.4 bln full-year target as of the end of November, MTI noted.

The general government had a HUF 220.8 bln deficit in the month of November alone.

The ministry noted that advance payments on EU funding came close to HUF 1,925.2 bln, while EU transfers reached just HUF 381.7 bln.

It added that some 2.75 million pensioners received an inflation-linked top-up and growth premium in November.

Revenues from VAT, personal income tax, payroll tax and social contributions were up during the period, lifted by a six-year agreement on wage hikes and rising employment, the ministry said.

The full-year deficit target of 2.4% of GDP, calculated using European Union accounting rules, is "achievable with certainty," it added.

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