General gov't deficit reaches 72.5% of full-year target
Hungary's cashflow-based general government deficit, excluding local councils, had a HUF 95.9 bln surplus in November, bringing the eleven-month deficit to HUF 713.7 bln or 72.5% of the full-year target, the National Economy Ministry said in a first reading of data on Monday.
The central budget was HUF 938.2 bln in the red at the end of November. But the social insurance funds and separate state funds had surpluses of HUF 198.2 bln and HUF 26.3 bln, respectively.
The ministry pointed out the favourable effect on the budget balance in November of more revenue from the pick-up in economic growth, the expansion of employment and the mandatory connection of tills to the tax office.
The ministry noted that the deficit was front-loaded, as usual, with expenditures exceeding revenue in the first half of the year.
"The deficit has grown just a little in the second half of the year, and in some months -- for example in September, October and November -- it has fallen, too," it added.
The ministry confirmed the deficit target for the full year remained 2.9% of GDP, calculated according to European Union rules.
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