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General gov't deficit preliminary under target

Hungary had a HUF 814.6 billion cash flow-based general government deficit, excluding local councils, in January-June, preliminary figures published by the Finance Ministry on Monday show.

The H1 fiscal deficit was equal to 3.1% of GDP and reached 82.4% of the full-year target. 

The deficit is under the ministry's HUF 844.8 billion forecast. The ministry targets a full-year deficit of HUF 989 billion, equivalent to 3.8% of projected GDP. 

The general government deficit was HUF 245.9 billion in June, under the HUF 276.1 billion forecast announced on June 18.

The lower-than-expected fiscal deficit for June was the result of a HUF 216.5 billion deficit in the central budget, HUF 28.7 billion under the forecast. The HUF 26.2 billion deficit in social insurance funds was just a hair down from the HUF 26.7 billion forecast, and the HUF 3.2 billion deficit in separate state funds was also only slightly under the HUF 4.1 billion forecast. 

The H1 general government deficit is HUF 92 billion higher than in the same period last year. 

The central budget deficit fell HUF 69 billion to HUF 713.9 billion. Expenditures rose HUF 75.7 billion to HUF 4,551.8 billion, while revenue climbed HUF 144.8 billion to HUF 3,837.9 billion. 

The social insurance funds ran a HUF 115.4 billion deficit, compared to a HUF 6.7 billion surplus in the same period a year earlier. 

The surplus in separate state funds fell to HUF 14.7 billion from HUF 54.3 billion a year earlier. (MTI-ECONEWS)