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Hungary gen gov't deficit reaches 131% of full-year target in Oct, ministry confirms

Hungary's general government, excluding local councils, had a cash flow-based deficit of HUF 43.6 billion in October, bringing the January-October gap to HUF 1,132.7 billion or 131.1% of the full-year target, the National Economy Ministry said in a second reading of the data published on Tuesday.

The figures were the same as the preliminary figures published on November 8.

The ministry said earlier it expects close to HUF 90 billion in revenue from the bank levy in December. It projects some HUF 160 billion in revenue from recently introduced crisis taxes on the energy, telecommunications and retail sectors to be booked in the same month. Together with the HUF 60 billion in payments from mandatory private pension fund members in November and December, the 3.8% accrual-based general government deficit target for 2010 can be achieved, the ministry said.

The ministry said on Tuesday that revenue from the bank levy came to HUF 35.3 billion in October.

The central budget ran a deficit of HUF 53.5 billion in October. The gap in the social security funds reached HUF 7.7 billion but separate state funds had a surplus of HUF 17.6 billion.

For January-October, the central budget deficit reached HUF 1,142 billion or 137.6% of the full-year target. The social security funds had a HUF 69.6 billion deficit, practically level with the full-year target. Separate state funds had a surplus of HUF 79.0 billion, more than double the full-year target for a HUF 35.1 billion surplus. (MTI-Econews)