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General govʼt deficit 14% of full-year target at January end

Telco

Hungaryʼs cash flow-based general government, excluding local councils, ran a HUF 192.8 billion deficit at the end of January, the Ministry for National Economy said in a preliminary release of data on Thursday, summarized by state news agency MTI.   

The Ministry for National Economy.

The deficit thus reached 14.2% of the HUF 1,360.7 bln full-year target for 2018, MTI-Econews calculated.

The central budget ran a HUF 258.9 bln deficit, while the social insurance funds had a HUF 49.8 bln surplus and separate state funds were HUF 16.3 bln in the black.

Among expenditures were HUF 327.9 bln in advance payments on European Union funding, the ministry noted. Grants awarded under the home purchase subsidy scheme for families, known by its Hungarian acronym CSOK, came to HUF 17.2 bln, which compares to a full-year allocation of HUF 236.3 bln, it added.

On the income side, revenues from VAT, personal income tax and payroll tax were higher in January than in the same month a year earlier, thanks to rising employment and wage hikes, the ministry said, noting that employers had benefited from a payroll tax cut.

The government stands by its 2018 deficit target of 2.4% of GDP, the ministry was cited as saying by MTI.

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