General Gov't Deficit at HUF 2.8 tln in August

Debt

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Hungary's cash flow-based general government deficit, excluding local councils, reached HUF 2.872 trillion at the end of August, the Ministry of Finance said in a first reading of data published on its website yesterday.

The deficit widened from HUF 2.636 tln at the end of July. The full-year cash flow-based general government deficit target is HUF 3.152 tln.

The central budget deficit reached HUF 2.964 tln at the end of August. The social security funds were HUF 144.2 billion in the red, while the separate state funds had a surplus of HUF 236.1 bln.

The ministry noted that the war in Ukraine and the European Union's sanctions policy has resulted in an energy crisis and wartime inflation throughout Europe.

"Because of the resulting wartime crisis, outlooks for the global economy are becoming worse, which is why it is especially important for us to protect the results we have achieved so far. For this reason, the government is maintaining regulated utility prices, up to average consumption, in defense of families, ensuring family subsidies and supporting vulnerable businesses, while at the same time striving to preserve balance indicators," it said.

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