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KSH reports HUF 905.3 bln deficit to Eurostat

Hungary's general government ran a HUF 905.3 billion deficit in 2008, or 3.4% of GDP, the Central Statistics Office (KSH) said in a excessive deficit procedure (EDP) report, based on preliminary national accounts, to Eurostat.

Gross debt of the general government amounted to HUF 19,320 billion, or 73% of GDP, at the end of 2008, the EDP report shows.

The general government deficit resulted from a HUF 799 billion gap in the central budget, a HUF 79.7 billion deficit in the social insurance funds and a HUF 26.6 billion deficit of local councils.

In 2009, Hungary targets an ESA'95 HUF 780.9 billion general government deficit, resulting from a HUF 563.7 billion deficit in the central budget, a HUF 94 billion deficit in the social insurance funds and a HUF 122.5 billion local council deficit.

The latest cash flow-based forecast of the Finance Ministry shows a HUF 737 billion general government deficit in 2009, excluding local councils, but including a HUF 639.4 billion central budget deficit and a HUF 102.5 billion social insurance fund deficit.

On April 1, KSH said Hungary had an ESA'95 general government deficit of HUF 895 billion in 2008. KSH explained the discrepancy between the ESA'95 figure and the one in the EDP report citing different accounting of swap deals: the related interest payments are recorded as a transaction under ESA'95 rules but income under EDP rules. (MTI – Econews)