January-February govʼt deficit confirmed at 35.4% of full-year target
Hungaryʼs cashflow-based general government balance, excluding local councils, came to HUF 310.7 bln or 35.4% of the full-year target in the first two months, the National Economy Ministry said yesterday, confirming a first reading released on March 5.
The 2015 budget act targets a full-year deficit of HUF 877.4bln. The ministry noted that the deficit is front-loaded, as usual, with expenditures exceeding revenue in the first half of the year. The central budget had a deficit of HUF 379.8 bln in the first two months, reaching 46.0% of its respective 2014 target.
The social security funds, which are planned to break even for the full year, had a two-month surplus of HUF 24.8 bln and the separate state funds had a surplus of HUF 44.3 bln against a targeted full-year deficit of HUF 50.9 bln. In February alone, the deficit reached HUF 256.9 bln.
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