Are you sure?

Hungary general gov't deficit 118.8% of full-year target

Hungary' general government, excluding local councils, had a cash flow-based deficit of HUF 297.4 billion in June, bringing the six-month deficit to HUF 1,033.6 billion or 118.8% of the full-year target, preliminary figures announced by the National Economy Ministry on Monday show.

The deficit compares to a HUF 245.9 billion deficit in June 2009 and a revised HUF 812.8 billion shortfall - 87.9% of full year target - in the first six months of last year.

The full-year cash flow-based deficit target, excluding local councils is HUF 870.3 billion, or 3.8% of estimated GDP.

The central budget had a deficit of HUF 1,021,9 billion in H1, or 122.2% of the full year target of HUF 836 billion. This compares to a deficit of HUF 713.9 billion, or 96.8% of the annual target in H1 2009.

Revenues of the central budget were 48.1% of the annual target compared to 46.1% in H1 2009, but expenditure rose to 55.2% of the full year target, compared to 50.3 % in H1 last year.

The social security funds ran up a deficit of HUF 42.3 billion in H1, that is 61% of the full year target of HUF 69.4 billion. They ha a deficit of HUF 113.8 billion in H1 last year, and that was 72.2 % of the annual target.

Separate state funds's surplus came to HUF 30.6 billion in H1, with the full year target of surplus being HUF 35.1 billion. In H1 2009, they had a surplus of HUF 14.7 billion. (MTI-ECONEWS)