Gen gov't deficit reaches HUF 2.892 tln at end-June

Debt

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Hungary's cash flow-based general government deficit, excluding local councils, reached HUF 2.892 trillion at the end of June, the Finance Ministry said in a first reading of data on Friday, according to a report by state news wire MTI.

"In the current, unpredictable global economic environment, the result of the protracted Russia-Ukraine war and sanctions by Brussels, the government's goal remains clear: to preserve Hungary's stability, and to protect the utility price cuts, family support, pensions, and full employment," the ministry said.

"Additionally, maintaining disciplined fiscal policy is of key importance. To that end, the government is standing by its 4.9pc budget deficit target for this year and will continue to reduce state debt," it added.

The central budget deficit reached HUF 3.041 tln at the end of June. The social security funds were HUF 26.8 bln in the red, while the separate state funds had a surplus of HUF 175.2 bln.

The deficit widened from HUF 2.737 tln at the end of May. The full-year cash flow-based general government deficit target is HUF 3.153 tln.

The ministry noted that revenue from tax and contributions rose 13.5% year-on-year in January-June.

Revenue of budget-funded institutions, payments related to state-owned assets, and revenue from European Union programs were also higher than in the base period, it added.

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