Gen’ gov’t deficit reaches 78% of full-year target in June, ministry confirms


Image by

Hungaryʼs cash flow-based general government deficit reached HUF 911.2 bln at the end of June, 78.1% the full-year target, the National Economy Ministry confirmed in a second reading of data today, Hungarian news agency MTI reported. The deficit does not include the balance of local councils.

The central budget ran a HUF 902.4 bln deficit and the social insurance funds were HUF 110.5 bln in the red at the end of June. The separate state funds had a HUF 101.7 bln surplus.

In June alone, the general government ran a HUF 697.9 bln deficit. The deficit at the end of June was HUF 402.1 bln higher than 12 months earlier.

The ministry said the deficit was lifted by advance payouts of European Union funding from national coffers, home construction subsides and interest payments due in June on a number of government bond series. The advance payouts alone came to HUF 1.046 trillion in January-June, up from HUF 467.4 bln in the base period, the ministry noted.

On the revenue side, the balance was lifted by personal income and payroll tax as well as the small business tax.

The full-year deficit target of 2.4% of GDP, calculated according to EU accounting rules, can be "safely achieved", the ministry said.


Hungary GDP up 6.5% y.o.y. in Q2 Analysis

Hungary GDP up 6.5% y.o.y. in Q2

Parl't approves 2023 budget Parliament

Parl't approves 2023 budget

Danubius Hotels Appoints Group Director of Development Appointments

Danubius Hotels Appoints Group Director of Development

Muni Council Organizing Meeting to Improve Air Quality City

Muni Council Organizing Meeting to Improve Air Quality


Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.