Deficit close to 80% of 2018 target, ministry confirms


Hungaryʼs cash flow-based general government, excluding local councils, ran a HUF 1.0814 trillion deficit as of the end of April, reaching 79.5% of the HUF 1.3607 tln full-year target, the Finance Ministry confirmed in a detailed monthly report issued Tuesday.   

The central budget was HUF 1.119 tln in the red and separate state funds had a deficit of HUF 7.0 billion. The social insurance funds had a surplus of HUF 45.1 bln, state news wire MTI reported.

Alone in the month of April, the general government deficit came to HUF 209.4 bln.   

As when issuing preliminary data on May 8, the ministry noted that pre-financing for EU-funded projects reached HUF 857.2 bln by the end of April, while transfers from Brussels came to just HUF 63.9 bln.

Expenditures were also lifted by spending on central budget-funded projects, such as the Modern Cities Program, the Healthy Budapest Program, priority road investments and the upgrade of Erzsebet summer camps for children, as well as HUF 10,000 in Erzsebet food vouchers awarded to pensioners and a HUF 12,000 utilities discount granted to households in March, the ministry added. 

The ministry noted that central budget revenue from VAT and personal income tax was up HUF 136.4 bln and HUF 82.3 bln, respectively, in January-April from the same period a year earlier, while payroll tax revenue climbed by HUF 91.0 bln. 

The government is standing by its full-year deficit target of 2.4% of GDP and assumes GDP growth over 4%, the ministry said.


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