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FinMin: December surplus to offset Ft 179.5 bln November deficit

The Finance Ministry forecasts Hungary's general government, excluding local councils, to register a GFS cashflow-based deficit of Ft 179.5 billion in November, the ministry announced on Wednesday. This month's large deficit will be followed, however, by a Ft 218 billion surplus in December, reducing the annual GFS deficit to Ft 1,023.1 billion or to the target, ministry undersecretary Tamás Katona said. In October, higher-than-expected revenues from VAT and lower-than-foreseen expenditure by budget organizations cut the monthly general government deficit to a below-forecast Ft 2.1 billion, Katona said. The October deficit, unchanged from the preliminary one reported on November 7, was sharply down from a Ft 46 billion shortfall forecast by the ministry. The GFS cashflow-based ten-month deficit came to Ft 1,061.6 billion.