Gen Gov't Deficit Close to HUF 2.09 tln in March

Debt

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Hungary's cash flow-based general government balance finished March with a HUF 2.09 trillion deficit, the Finance Ministry said in a preliminary release of data on Wednesday, according to a report by state news wire MTI.

The central budget deficit reached HUF 2.019 tln at the end of March and the social security funds were HUF 89.6 billion in the red. Separate state funds had a HUF 18.9 bln surplus.

The ministry pointed out that the general government deficit was HUF 564.6 bln alone in March, well under the HUF 875.7 bln deficit in the same month a year earlier.

The full-year deficit target is HUF 3.4 tln. The deficit reached HUF 4.753 tln in 2022.

The ministry acknowledged that the prolonged war and the energy crisis caused by sanctions have "radically changed the economic circumstances" but reiterated the government's aim to protect families as well as preserve jobs and the value of pensions, while ensuring Hungary's security, "even in times of peril".

The ministry noted that a fund established to preserve the regulated price scheme for household utility prices has nearly quadrupled in size, while the government has continued to allocate "significant resources" for the defense of the economy and businesses.

"In spite of the extraordinary expenditures resulting from the war and sanctions, the government continues to improve balance indicators, sticking to its fiscal deficit target and continuing to reduce state debt levels," the ministry said,

The ministry affirmed the full-year accrual-based 3.9%-of-GDP deficit target and said state debt will be reduced under 70% of GDP.

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