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Hungary: FinMin cuts H1 fiscal deficit - extended

Hungary’s Finance Ministry said Tuesday it forecasts a cash flow-based general government deficit of Ft 281.7 billion for June down from Ft 307 billion projected earlier, and it cut its H1 deficit projection to Ft 706 billion or 2.6% of GDP from 2.7% in the previous forecast a month earlier.

The ministry expected Ft 732 billion six-month deficit in May, revised from Ft 803.3 billion forecast in April. In two months, H1 fiscal deficit forecast was reduced from 2.9% to 2.6% of GDP. The finance ministry, however, confirmed its earlier full year deficit target at 4.0% of GDP.

Hungary’s January-May general government deficit was Ft 424.8 billion with Ft 97.5 billion surplus in May. Five-month deficit was down Ft 328 billion from the same period last year and equaled 1.6% of the full-year GDP forecast. The H1 general government deficit forecast is equal to 2.6% of GDP, excluding local councils. (MTI-Econews)