Gen Gov't Runs HUF 181 bln Surplus for September

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Hungary's cash flow-based general government deficit, excluding local councils, had a HUF 2.692 trillion deficit at the end of September, after running a HUF 181 bln surplus for the month, the Finance Ministry said in a first reading of data on Monday, according to a report by state news wire MTI.

The full-year cash flow-based general government deficit target is HUF 3.153 tln.

The central budget deficit reached HUF 2.773 tln at the end of September. The social security funds were HUF 171.3 bln in the red, while the separate state funds had a surplus of HUF 252.6 bln.

The ministry said the government's "most important goal", as the war in Ukraine and the effect of sanctions push the entire European economy into crisis, is "preserving Hungary's stability".

"Responsible and frugal fiscal management contributes to this, while we ensure the resources for maintaining the [regulated household utilities price scheme], for protecting workplaces, for secure energy supply, for family subsidies and for preserving the value of pensions," it added.

The ministry noted that the 2022 general government deficit target, calculated according to the Europeans Union's accrual-based accounting rules, has been raised from 4.9% to 6.1% of GDP. It attributed the full increase to a top-up of the gas reserves of the Hungarian Hydrocarbon Stockpiling Association (MSZKSZ) worth some HUF 740 bln.

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