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.
Producing journalism that is worthy of the name is a costly business. For over 30 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.
