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Higher growth to generate more budget revenue in 2011

Hungary's GDP growth could slightly exceed the 3% government target for 2011, generating more budget revenue, National Economy Ministry state secretary Zoltán Cséfalvay said, explaining why the revenue figure for the 2011 budget was raised before MPs voted on the main figures on Monday.

MPs approved the main figures of the budget showing revenue of HUF 13,151.2 billion and expenditures of HUF 13,838.6 billion for a deficit of HUF 687 billion. Revenue was raised by HUF 72 billion and expenditures by HUF 71 billion compared to the original budget draft, leaving the deficit practically unchanged. Most of the increase on the revenue side was from taxes.

Fresh industrial output and export data show growth will certainly reach and could even slightly exceed the 3% GDP growth projection made when the budget was drafted in October, Cséfalvay said. (MTI – Econews)