Gov’t deficit reaches 7.7% of full-year target in January

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Hungary had a cashflow-based general government deficit, excluding local councils, of HUF 75.4 billion in January, or 7.7% of full-year target, the National Economy Ministry said in a second reading of data on Thursday.

The figure was the same as that in the preliminary report published on February 6. The central government ran a HUF 166.6 billion deficit in January, or 17.3% of the full-year target.

The social insurance funds had a surplus of HUF 54.6 billion. The funds are expected to break even for the full year. Separate state funds were HUF 36.6 billion in the black. A HUF 23.3 billion deficit is targeted for the funds for the full year.

In a breakdown of revenue, the ministry's data show corporate tax revenue reached HUF 31.8 billion in January or 8.9% of the full-year target. The bank levy generated negative revenue of a little more than HUF 100m. VAT revenue was HUF 210.8 billion or 7.0% of the full-year target. Revenue from the duty on financial transactions reached HUF 29.7 billion or 11.0% of the target for the year.

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