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Hungary gen govt deficit 1.1% of GDP in Q2

Hungary had a general government deficit of HUF 78.9 billion in the second quarter or 1.1% of GDP during the period, preliminary data published by the Central Statistics Office (KSH) on Monday show.

The accrual-based deficit, calculated with European Union accounting standards, fell by HUF 250 billion or 3.6 percentage points of GDP from the same period a year earlier.
Revenue of the general government rose 13.5% to HUF 3,352.4 billion in Q2 from the same period a year earlier. New opt-outs from private pension funds contributed HUF 56.2 billion to the increase, while taxes on production and imports increased 9.7%, VAT brought in 13.9% more and taxes on income rose 14.4%.
Expenditures of the general government climbed 4.5% to HUF 3,431.3 billion. Interest expenditures were up 7.8% and payroll costs rose 4.5%, but gross capital formation plunged 22.4%.
KSH noted that it had reported data from the second reading of national accounts data for 2011 to Eurostat as part of Hungary's Excessive Deficit Procedure (EDP). The data show a general government surplus of HUF 1,213 billion or 4.3% of GDP in 2011, according to the Maastricht definition. Hungary's state debt reached HUF 22,690 billion or 81.4% of GDP at the end of 2011, based on data from the National Bank of Hungary, KSH added.