ADVERTISEMENT

Government deficit reaches HUF 1.312 tln

Debt

Image by Shutterstock.com

Hungary's cash flow-based general government deficit, excluding local councils, reached HUF 1.312 trillion at the end of May, widening on stimulus measures, the Ministry of Finance confirmed in a detailed release of data on its website yesterday.

"The development of growing expenditures was influenced mainly by items necessary for re-starting the economy," the ministry said.

"The aim of the government is to get everybody put in a difficult situation because of the pandemic back on their feet," it added.

The ministry said Hungary's quarter-on-quarter GDP growth of 2% in Q1 shows that the "economic defense and economic recovery measures taken so far have worked."

The central budget deficit reached HUF 1.171 tln at the end of May. The social insurance funds were HUF 155 bln in the red, but the separate state funds had a surplus of HUF 13.4 bln.

In May alone, the general government deficit came to HUF 269 bln.

ADVERTISEMENT

Regional income disparities remain pronounced Analysis

Regional income disparities remain pronounced

Parliament approves amendment to Competition Act Parliament

Parliament approves amendment to Competition Act

New CEO announced at Codic Hungary Appointments

New CEO announced at Codic Hungary

FAO–Food Bank convoy delivers food to those in need City

FAO–Food Bank convoy delivers food to those in need

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.