Government deficit reaches HUF 851.4 bln in July

Telco

Hungary's cashflow-based general government deficit, excluding local councils, reached HUF 851.4 bln at the end of July, a first reading of data published by the National Economy Ministry revealed yesterday.

The deficit was 86.5% of the HUF 984.6 bln full-year target, Econews calculated. The ministry's statement shows the central budget deficit reached HUF 1,031.1 bln by the end of July, while the social security funds and separate state funds had surpluses of HUF 134.2 bln and HUF 45.5 bln, respectively.

The ministry noted that the pickup in economic growth, the expansion of employment and extra budget revenue from the mandatory use of tills connected to the tax office would have a significant impact on the fiscal balance. "These positive tendencies will prevail more strongly in the second half of the year in comparison with earlier years," it added.

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