August fiscal deficit preliminary Ft 91.2 bln, slightly down on forecast

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Hungary posted a cash flow-based general government deficit, excluding local governments, of Ft 91.2 billion in August and an eight-month deficit of Ft 672.5 billion according to preliminary figures announced by the Finance Ministry on Tuesday.

The figures are slightly below to the ministry’s mid-August forecast for an August deficit of Ft 94.1 billion and a Ft 675.4 billion deficit for January-August. The January-August deficit was a preliminary 2.4% of GDP, in line with the ministry’s forecast. The August preliminary deficit reflected a Ft 94.6 billion deficit of the central budget, which slightly exceeded the ministry’s Ft 93.8 billion projection.

The two social security funds registered a small surplus of Ft 0.3 billion combined in August, in line with the forecast. The below-forecast general government deficit came from a higher surplus of the separate funds which closed last month with a surplus of Ft 3.1 billion, up from a forecast surplus of Ft 11 million.

In the first eight months, the central budget registered a deficit of Ft 772 billion, just a touch up from a projected deficit of Ft 771.2 billion shortfall, the preliminary figures show.

For the whole year, the ministry forecast a central budget deficit of Ft 1,031.8 billion in the middle of August. The state social security funds had a January-August surplus of Ft 20.7 billion, which is up just Ft 600 million from the forecast, and compares to a Ft 5.7 billion deficit for the full year.

The Ft 78.8 billion preliminary eight-month surplus of the separate state funds exceeded the ministry’s respective forecast by Ft 3.2 billion, and compares to an expected full-year surplus of Ft 5.1 billion. In the middle of August the ministry forecast a January-September cash flow-based deficit of Ft 764.5 billion, or 2.8% of GDP, and a full-year deficit of Ft 1,032 billion, or 3.8% of expected GDP.

The Finance Ministry will publish details of the general government’s January-August cashflow position on September 17. (MTI-Econews)

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