General govʼt deficit passes full-year target in September

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Hungaryʼs cash flow-based general government, excluding local councils, ran a HUF 1,236.3 billion deficit at the end of September, "in line with expectations," the Ministry for National Economy said in a first reading of data Thursday. The deficit thus reached 106% of the HUF 1,166.4 bln full-year target, MTI-Econews calculated.

The central budget ran a HUF 1,281.2 bln deficit and the social insurance funds were HUF 62.0 bln in the red for the period. Separate state funds had a HUF 106.9 bln surplus.

Alone in the month of September, the general government ran a HUF 256.4 bln deficit.

The ministry noted the impact of advance payments of European Union funding on the budget balance: while payouts of EU funding reached HUF 1,484.3 bln during the period, EU transfers to the budget came to just HUF 297.5 bln.

The ministry added that VAT refunds were higher in September, as the refund deadline for "reliable taxpayers" was reduced from 75 to 45 days under rules in force from January.

The deficit target of 2.4% of GDP for the full year, calculated according to EU accounting rules, is "achievable with certainty," the ministry added.

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