General gov't deficit reaches 72.5% of full-year target

Telco

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.

ADVERTISEMENT

Századvég raises GDP forecast to 7.8% Analysis

Századvég raises GDP forecast to 7.8%

Opposition parties to begin PM candidate primaries Elections

Opposition parties to begin PM candidate primaries

New editor-in-chief at Betone Studio Appointments

New editor-in-chief at Betone Studio

Budapest leaders make public transport free for under-14s City

Budapest leaders make public transport free for under-14s

SUPPORT THE BUDAPEST BUSINESS JOURNAL

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.