November surplus cuts 11-month gov’t deficit slightly

Telco

A HUF 11.3 billion November surplus brought Hungary’s cash flow-based general government deficit, excluding local councils, to HUF 876.3 billion in the first eleven months of 2013, the National Economy Ministry reported in a first reading yesterday.

The eleven-month deficit was at 77.9% of the recently raised HUF 1.1252 trillion full-year deficit target, Econews calculated. Parliament raised the 2013 deficit target from HUF 1,050.8 billion by HUF 74.4 billion last Wednesday.

The amended target will take effect on publication.

“Current revenues and expenditures as well as those expected in the coming month underpin expectations the under 3%-of-GDP deficit target will be met,” the ministry said, commenting on the November figure.

The central budget was HUF 195.5 billion in the black in November, helped by the significant sum paid for the extension of the licenses of mobile service providers: The three service providers were to pay HUF 100 billion for the extension, according to earlier information.

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