General government deficit reaches HUF 954.6 bln in September, around 106.9% of full-year target
Hungaryʼs cashflow-based general government deficit, excluding local councils, reached HUF 954.6 bln at the end of September, a first reading of data released by the National Economy Ministry yesterday reveals.
The deficit reached about 106.9% of the HUF 892.4 bln full-year target, Econews calculated.
The ministry noted that the deficit had reached HUF 844.6 bln at the end of September last year. The ministry attributed the difference between the two years to changes to European Union funding.
Tax revenues have significantly risen over the past 12 months by around HUF 500 bln, however chapter-administered allocations from the EU were lower than last year by around HUF 407 bln.
The central budget deficit came to HUF 1,006.6 bln for January-September. The social insurance funds and separate state funds had surpluses of HUF 29.9 bln and HUF 22.1 bln, respectively.
For the month of September, the deficit came to HUF 39.7 bln in contrast to the HUF 14.2 bln surplus in the same month a year earlier.
The European Commission has lifted its suspension on paying EU funds and several hundred millions of forints could be transferred in the next month, lowering the deficit, the ministry added.
The ministry noted that the deficit is front-loaded, as usual, with expenditures exceeding revenue in the first half of the year. The ministry confirmed the full-year deficit target of 2.4% of GDP, calculated according to European Union rules.
Lenders' Home Loan Outlays at HUF 344 bln in H2 2023
Gov't Awards HUF 6.5 bln of Subsidies to SMEs in Underdevelo...
Hungary's Largest ESG Consultancy Formed by Merger of EY, De...
Hungary Launches HUF 15 bln Tourism Sector Support Program
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.
