October surplus cuts ten-month general gov’t deficit to 82.2% of full-year target
Hungary's cashflow-based general government, excluding local councils, had a HUF 35 bln surplus in October, reducing the ten-month gap to HUF 809.6 bln or 82.2% of the full-year target, the National Economy Ministry said in a first reading of data yesterday.
The October surplus followed a September surplus of HUF 14.2. The ministry confirmed that the deficit target for the full year remained 2.9% of GDP, calculated according to European Union rules. Based on the cashflow figures, the target could safely be met, it added. The central budget had a deficit of HUF 1.03 trillion in the first ten months, the ministry said, implying a budget surplus of HUF 9.5 bln in October alone.
The surplus of the social security funds widened in October to HUF 184.5 bln and separate state funds registered a slight minus, bringing their ten-month surplus to HUF 33.2 bln. The ministry repeated its assertion that the deficit is falling this year as a result of additional revenue from the pick-up in economic growth, the expansion of employment and the mandatory connection of tills to the tax office. The ministry again noted that the deficit was front-loaded, as usual, with expenditures exceeding revenue in the first half of the year.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.