Hungary’s government deficit reaches 16.5% of full-year target at end of March

Telco

Hungaryʼs cash flow government deficit, excluding local councils, reached HUF 125.8 billion at the end of March, or 16.5% of the HUF 761.6 bln target for the full year, preliminary data released by the National Economy Ministry today show, according to Hungarian news agency MTI.

The ministry noted that the deficit was the smallest recorded in the first quarter in the past 15 years. 

In the same period a year earlier, the deficit reached HUF 536.7 bln.

The ministry attributed the drop in the deficit to higher tax revenue and “significantly lower” fiscal expenditures.

The central budget ran a HUF 158.2 bln deficit in the first quarter, while social insurance funds and separate state funds had surpluses of HUF 29.9 bln and HUF 2.5 bln, respectively.

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