Hungary cuts H1 fiscal deficit

Banking

Hungary's Finance Ministry said it forecasts a cash flow-based general government surplus of Ft 88.6 billion for May, and it cut its H1 deficit projection Ft 71 billion to Ft 732.2 billion.

Hungary's January-April general government deficit was Ft 522.4 billion.

The H1 general government deficit forecast is equal to 2.7% of GDP, excluding local councils, Finance Ministry state secretary László Keller told the press on Tuesday.

In the revised H1 forecast, the central budget deficit forecast was narrowed Ft 47.8 billion, as the VAT revenue forecast was increased Ft 26 billion and the income tax revenue forecast lifted Ft 27 billion.

The May budget surplus will result from a Ft 60.99 billion central budget surplus - the result of income tax payments, for which the deadline is May 20.

The ministry forecasts a Ft 28.7 billion surplus in the social insurance funds in May, after a deficit of Ft 20.8 billion in April. It sees a Ft 1.04 billion deficit in separate state funds in May, following a Ft 10.36 billion surplus in April.

The January-April general government deficit resulted from a Ft 551.6 billion deficit in the central budget and a Ft 26.6 billion gap in social insurance funds, while separate state funds ran a Ft 55.4 billion surplus.

April budget revenue was Ft 33 billion over the forecast mainly because of higher VAT, income tax and registration tax revenue, the monthly budget report explained. April VAT revenue of Ft 269.9 billion was up 14.2% from the same month a year earlier. Income tax revenue rose 25.8% to Ft 149.2 billion and registration tax revenue was up 34% at Ft 8.7 billion. (MTI – Econews)

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