Hungary’s general government runs HUF 14.8 bln surplus at end-February

Banking

Hungaryʼs general government balance, excluding local councils, had a cashflow-based surplus of HUF 14.8 billion at the end of February, the National Economy Ministry said today confirming the figure in a detailed second reading, Hungarian news agency MTI reported today.

The central budget ran a HUF 63.7 bln deficit for the period, while the social security funds and the separate state funds had surpluses of HUF 36.3 bln and HUF 42.2 bln, respectively. 

In February alone, the general government had a HUF 77.4 bln deficit, well under the HUF 256.9 bln deficit in the same month a year earlier. The ministry attributed the big difference to higher tax revenue and lower expenditures on co-financing for European Union-funded projects. 

The ministry said revenue from corporate tax, VAT, personal income tax and social contributions were higher as increased wages lifted payroll tax payments. It also noted the impact of government measures to boost taxpayer morale, such as the introduction of an electronic road haulage tracking system and the mandatory connection of tills to the tax office. 

The general government has not stood in the black at the end of February for more than 15 years, the ministry said.

The government targets a HUF 761.6 bln deficit for the full year.

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