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General gov’t deficit preliminary HUF 38.1 bln in April, well below the f’cast

  Hungary had a HUF 38.1 billion cash-flow based general government deficit, without local councils, in April, preliminary figures published by the Finance Ministry on Thursday show.

The April deficit is less than half of the ministry’s forecast for a deficit of HUF 96.6 billion.

The April shortfall brought the January-April cash-flow deficit, excluding local governments, to HUF 604.1 billion, or 2.3% of GDP, well under the projected 2.6%.

The January-April deficit reached 82% of the full year target as opposed to 57.6% or HUF 522.4 billion in the same period last year.

In its latest forecast announced in April, the ministry raised its H1 deficit forecast to HUF 892.7 billion or 3.4% of GDP and announced a HUF 155 billion surplus target for H2.

The central budget registered a HUF 20.9 billion surplus in April, as against a forecast for a deficit of HUF 34.1 billion. The January-April budget deficit came to HUF 534.6 billion, slightly lower than the HUF 551.6 billion deficit posted in the same period a year earlier.

The social security funds had a combined deficit of HUF 55.9 billion in April, under the HUF 60 billion deficit forecast by the ministry. The January-April deficit of the social security funds stood at HUF 93.9 billion, well over the HUF 26.2 billion deficit in the same period a year earlier, when health co-payments, introduced in 2007 and abolished as a result of a referendum in the spring 2008, were still in force.

The separate state funds ran a HUF 3.1 billion deficit in April, up from a projected HUF 2.4 billion shortfall. The funds recorded a HUF 24.4 billion surplus in January-April, down from a HUF 55.4 billion surplus in the same period last year. The funds include the labor market fund from which job preservation and job creation measures are funded. (MTI-Econews)