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Hungary posts HUF 7.7 billion general gov't deficit in September

Hungary's general government, excluding local councils, ran a HUF 7.7 billion cash flow-based deficit in September, the National Economy Ministry said in a first reading on Thursday.

The September deficit was below the HUF 83.9 billion shortfall recorded in August, and HUF 145.9 billion in September 2009.

This brought the January-September deficit to HUF 1,089.1 billion, or 125.1% of the HUF 870.3 billion full-year target, as against 114.5% in January-September 2009.

The central budget had a HUF 5.4 billion surplus in September and the two social security funds ran a deficit of HUF 8.9 billion. Separate state funds had a deficit of HUF 4.2 billion.

The nine-month central budget deficit, HUF 1,088.6 billion, reached 130.2% of the full-year target as against a 116.1% in the first nine months of 2009.

Nine-months deficit of the two social security funds, HUF 61.9 billion, reached 89.2% of the annual target instead of 126.9% a year ago, while the surplus of the separate state funds, HUF 61.4 billion, was 74.9% more than the HUF 35.1 billion target for this year.

Central budget revenues in September exceeded those of September 2009 by almost HUF 131 billion. All taxes fetched more except personal income tax. The first payments of the bank levy increased revenue by almost HUF 56 billion.

Contributions to the social security funds grew to HUF compared to September 2009 but mainly higher support from the budget to the National Health Fund and a change in the timing of central budget transfers to the Pension Fund reduced the September deficit. (MTI-Econews)