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According to a report by state news wire MTI, the central budget gap reached HUF 3.013 tln and the social insurance funds were HUF 122.6 billion in the red, but separate state funds had a surplus of HUF 109.8 bln.
In August alone, the general government deficit came to HUF 239.1 bln.
Interest expenditures totaled HUF 2.928 tln in January-August, HUF 514.5 bln more than in the base period.
Revenue from taxes and contributions climbed 8.7%. Revenue from taxes on consumption rose close to 10%.
Expenditures on transportation and public utilities reached almost HUF 1.655 tln, up HUF 172.8 bln from the same period a year earlier.
Budget revenue from European Union-funded programs climbed to HUF 436.8 bln in August, after the European Commission transferred around EUR 587 million linked to a milestone related to teacher pay rises. In January-August, transfers from Brussels reached HUF 971.9 bln, over 1.1% of GDP.
The ministry reaffirmed the government’s commitment to fiscal discipline, reducing the budget deficit from year to year, keeping state debt on a sustainable path, avoiding another excessive deficit procedure, and keeping the primary deficit close to zero. It said that Hungary’s finances were in order, while the budget ensured protection for the national economy, families and pensioners.
Total revenue in January-August reached HUF 26.352 tln, up 7.1% from the same period a year earlier. Total budget expenditures reached HUF 29.378 tln, 6.9% higher than in the base period.
Central budget debt increased by HUF 4.587 tln by the end of August. Net forint issues raised the debt by HUF 2.463 tln, while net FX issuance reached HUF 2.842 tln. The strengthening of the forint exchange rate compared with the end of last year reduced the book value of the FX part of the debt in forints by HUF 623 bln, the report shows.
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