Deficit reaches 90% of revised target

Deals

A slight surplus cut Hungary’s cash flow-based general government deficit, excluding local councils, to HUF 949 billion in January-September, the National Economy Ministry reported yesterday. The nine-month deficit reached 90.3% of the upward revised HUF 1.0508 trillion full-year target, Econews calculated.

A recent amendment to the 2013 budget act raised the full-year cash flow deficit target by HUF 171 billion to reflect capital injections to the state electricity works MVM and the state-owned development bank MFB. The government said earlier that the amendments do not affect the accrual-based deficit.

Similar to a month earlier, the ministry said that the monthly fiscal position was in line with the government’s expectations “and the revenue and spending forecasts for the next months, including a very large surplus forecast for December, support the projection that the below-3% full-year deficit target will be met”.

The official accrual-based, Maastricht conform deficit target is 2.7% of GDP for 2013.
In September alone, the central government had a surplus of HUF 12.1 billion. The central budget had a HUF 13.9 billion surplus in September. The social insurance funds recorded a surplus of HUF 6.6 billion and the separate state funds had a deficit of HUF 8.4 billion.

In a change from earlier practice, the ministry did not give a year-on-year comparison and no longer publishes a table on the per-sector breakdown of nine-month performance and comparisons to the respective annual targets. State Treasury data show that a year earlier the central government had a nine-month deficit of HUF 1.5706 trillion, including a September deficit of HUF 26 billion.

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