General government deficit reaches HUF 53.8 bln in January

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Hungary's cashflow-based general government balance, excluding local councils, came to HUF 53.8 bln in January, the National Economy Ministry said in a first reading of data yesterday. According to estimates by MTI, the deficit was 6.1% of the full-year target of HUF 877.4 bln.

The central budget had a HUF 104.4 bln deficit in January. The social security funds and the separate state funds had surpluses of HUF 35.3 bln and HUF 15.3 bln, respectively. In the same month a year earlier, the deficit reached HUF 75.4 bln.

The ministry explained the lower deficit this year with higher tax revenue – from VAT, excise tax, the financial transaction duty, personal income tax, social contributions and duties – as well as a "favourable interest balance". The ministry noted that the deficit is front-loaded, as usual, with expenditures exceeding revenue in the first half of the year.

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