General government deficit comes close to 70% of full-year target in April

Telco

Hungaryʼs cashflow-based general government deficit, excluding local councils, reached HUF 609.8 bln at the end of April, the National Economy Ministry said in a second reading of data yesterday. The deficit reached 69.5% of the HUF 877.4 bln full-year target, the ministry confirmed in the report. 

The ministry noted that the deficit had reached HUF 951.2 bln at the end of April last year. The central budget deficit came to HUF 643.6 bln for January-April. The social insurance funds and separate state funds had surpluses of HUF 23.6 bln and HUF 10.2 bln, respectively.

The ministry noted that the deficit is front-loaded, as usual, with expenditures exceeding revenue in the first half of the year. It attributed the favourable balance at the end April to higher tax revenue thanks to economic growth as well as a favourable interest balance. The ministry also said that expenditures had been lifted by the early payment of social support as well as some public sector wages at the end of April, because of the long weekend over the May Day holiday.

The payments will reduce expenditures in May, it added. The ministry confirmed the full-year deficit target of 2.4% of GDP, calculated according to European Union rules. Planned amendments to this yearʼs budget also show the target being met, it added. The amendments, submitted in April by the government, would raise the cashflow-based deficit target to HUF 892.4 bln.

Hungary Account Deficit at EUR 561 mln in Q4 Debt

Hungary Account Deficit at EUR 561 mln in Q4

Moldovan Pensions to be Increased as of April 1 World

Moldovan Pensions to be Increased as of April 1

Schoenherr Names Miklós Klenanc as Head of Local M&A Practic... Appointments

Schoenherr Names Miklós Klenanc as Head of Local M&A Practic...

Hungarian Wine Marketing Agency to Host Summit Drinks

Hungarian Wine Marketing Agency to Host Summit

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.