Are you sure?

Hungary’s deficit reaches 84.6% of full-year target

Hungary's cashflow-based general government deficit, excluding local councils, was HUF 736.2 billion in January-May, or 84.6% of the full-year target, detailed figures published by the state treasury on Monday show. The figures are the same as preliminary ones published by the National Development and Economy Ministry on June 7.

In May, the general government ran a HUF 99.2 billion deficit.

The ministry earlier projected a deficit of HUF 82.5 billion for May and a HUF 719.4 billion deficit for January-May.

The detailed figures show central budget revenue reached HUF 3,267.1 billion in January-May, HUF 48.1 billion or 1.5% more than in the same period a year earlier. Revenue from corporate tax fell HUF 11 billion or 27.1% from the same period a year earlier, but revenue from the Simplified Business Tax (eva) was up HUF 1.7 billion or 3.9%. Revenue from VAT climbed HUF 101 billion or 12.2%, revenue from personal income tax fell HUF 60.3 billion or 7.3% and revenue from excise tax was down HUF 15 billion or 5.1%.

Central budget expenditures were HUF 3,996.2 billion in January-May, HUF 280 billion or 7.5% more than in the same period a year earlier.

The social insurance funds ran a HUF 35 billion deficit in January-May, narrowing from a HUF 88 billion gap in the same period a year earlier.

Separate state funds had a HUF 27.3 billion surplus in January-May, more than the HUF 18 billion surplus in the same period a year earlier.

The ministry did not give a projection for the half-year general government balance. Earlier, the Finance Ministry gave fresh projections every three months. (MTI – Econews)