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Gen gov’t runs HUF 57.3 bln surplus at end Oct

Banking

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Hungaryʼs cashflow-based general government deficit, excluding local councils, ran a HUF 57.3 billion surplus at the end of October, the National Economy Ministry confirmed in a detailed release of data today, Hungarian news agency MTI reported.

The surplus marked the first time the general government finished October in the black. 

The central budget had a HUF 32.5 bln deficit at the end of the month, while the social insurance funds and separate state funds had surpluses of HUF 8.4 bln and HUF 81.4 bln, respectively.

In October alone, the general government had a HUF 59.7 bln surplus.

When the first reading of the October data was released, economy minister Mihály Varga said tax revenue was higher than expected, with corporate tax revenue up HUF 131.6 bln and VAT revenue HUF 80 bln higher compared to the base period.

Varga said he would propose topping up budget allocations for investments as well as credit for exports because of the favourable balance.

In a summary of the detailed data released today, the ministry said the favourable development of fiscal trends this year would allow for the financing of new programmes and goals while keeping state debt on a declining path.

The ministry said revenue from corporate tax, VAT, excise tax, personal income tax and payroll tax as well as payments related to state-owned assets were "up significantly" from the base period.

Corporate tax revenue rose 45% to HUF 425.6 bln, VAT revenue edged up 1% to HUF 2.606 trillion, excise tax revenue increased 2% to HUF 832.1 bln, personal income tax revenue rose a little more than 1% to HUF 1.414 tln and revenue from payroll tax climbed 7% to HUF 3.718 tln. Revenue related to state-owned assets reached HUF 122.3 bln in January-October.

Expenditures were down HUF 404.1 bln at HUF 13.920 tln, falling on lower co-financing for European Union-funded projects, lower spending on contributions and guarantees and lower interest expenditures, the ministry said.

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