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July surplus short of forecasts - Hungary

The Finance Ministry announced yesterday that the state budget had produced a surplus of Ft 90.6 billion in July, compared to the Ft 95.1 billion projected earlier this year. The budget surplus in July 2006 was Ft 33 billion.

April was the other month of the year so far, which resulted in a budget surplus. The Ft 912.1 billion deficit accumulated during the first seven months of the year was 3.6% of the GDP, and 59.7% of the expected Ft 1,215 billion annual deficit. Financial news portal Portfolio.hu predicted a Ft 100 billion budget surplus for July, backed by the strong quarterly VAT returns and transfers from the simplified business tax (EVA), and warned that a Ft 300 billion deficit was anticipated for August and September. (Gazdasági Rádió, Magyar Hirlap)