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General government deficit falls to HUF 816.2 bln in October, around 91.5% of full-year target

Telco

Hungaryʼs cashflow-based general government deficit, excluding local councils, reached HUF 816.2 bln at the end of October, a first reading of data released by the National Economy Ministry on Thursday shows.

The deficit reached about 91.5% of the HUF 892.4 bln full-year target, Econews calculated.

The ministry noted that the deficit had reached HUF 809.6 bln at the end of October last year.

The central budget deficit came to HUF 893.5 bln for January-October. The social insurance funds and separate state funds had surpluses of HUF 41.9 bln and HUF 35.4 bln, respectively.

For the month of October, the surplus came to HUF 138.4 bln. The ministry attributed the surplus partially to higher tax revenues and partially to newly available funding from the European Union. Tax revenues were up by around HUF 570 bln, and about HUF 233 bln of EU funding was transferred to Hungary in October, most of it as the result of the lifting of a suspension that Brussels lifted in September.

The ministry noted that the deficit is front-loaded, as usual, with expenditures exceeding revenue in the first half of the year. The ministry confirmed the full-year deficit target of 2.4% of GDP, calculated according to European Union rules.

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