Gen Gov't Deficit Hits HUF 2.94 tln in July

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Hungary's cash flow-based general government balance reached HUF 2.94 trillion at the end of July, the Finance Ministry said in a first release of data on Tuesday, according to a report by state news wire MTI.

The central budget deficit reached HUF 2.983 tln at the end of July and the social security funds were HUF 75.7 billion in the red. Separate state funds had a HUF 118.6 bln surplus.

Alone in the month of July, the deficit reached HUF 44.3 bln.

The ministry noted that expenditures related to the regulated utility price scheme for households came to HUF 1.079 tln by the end of July.

Expenditures on compensation for suburban and long-distance public transport reached HUF 380.5 bln and spending on home subsidies came to HUF 346 bln.

"The Hungarian government is concentrating on protecting families and pensioners during wartime, too. The budget ensures the resources necessary to preserve family subsidies, the regulated utility price scheme for households, and the value of pensions," the ministry said.

In spite of the extraordinary expenditures, the fiscal deficit hasn't risen significantly since May," it added.

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

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