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November fiscal deficit preliminary HUF 233.1 bln, below forecast

  Hungary posted a cash flow-based general government deficit, excluding local governments, of HUF 233.1 billion in November, The Finance Ministry said on Monday. The figure is slightly under the ministry’s forecast for a HUF 244.5 billion deficit.

 

The January-November deficit came to HUF 975.7 billion compared to HUF 1,339.4 billion in the same period last year, calculated on a cashflow basis and excluding local governments. The January-November deficit was equivalent to 3.6% of projected GDP.

The ministry earlier projected a HUF 65.6 billion surplus for December and a full-year deficit target of HUF 921.5 billion, equivalent to 3.4% of GDP. The central budget posted a HUF 145.6 billion deficit in November, under the HUF 159.1 billion forecast. The social insurance funds ran a HUF 82 billion deficit and the separate state funds ran a HUF 5.5 billion deficit.

In January-November, the central budget registered a deficit of HUF 973.6 billion, or 3.9% over the annual shortfall of HUF 937.3 billion projected in November.

The social insurance funds ran a deficit of HUF 71.1 billion in January-November. The funds are projected to close 2008 with a deficit of HUF 26.2 billion. The separate state funds had a surplus of HUF 69 billion in January-November, against a projected annual surplus of HUF 41.9 billion. (MTI-Eco)