Government releases remainder of frozen 2014 budget expenditure

Deals

The government withdrew on Friday the freeze of budget expenditure it adopted in July, a government resolution published in the official gazette Magyar Közlöny shows. The July freeze affected HUF 110 bln of expenditure, of which the government already released HUF 20 bln at the beginning of November. 

The July measure was taken as an insurance against a possible deficit overshoot as the lower than expected inflation reduced VAT and excise duty revenues. The measure froze HUF 39.5 bln of budget allocations for ministries, especially for extraordinary government measures, and also expenditures of the Investment Fund, meaning the shifting of some projects to 2015, as well as the expenditure of separate state funds and spending related to asset management, the ministry said at the time.

The government was to decide in December whether to free up or cancel the frozen appropriations. Varga put this year's deficit ratio at 2.6-2.7% of GDP, below the targeted 2.9% ratio in an interview on Saturday, citing faster than expected growth as the main reason. The economy ministry just confirmed the eleven-month gen government deficit at HUF 713.7 bln or 62% of recently upward revised full-year target.

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