Ministry confirms Hungary Q1 fiscal deficit at almost 90% of full-year target

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Hungary's the general government, excluding local councils had a cash flow-based deficit of HUF 517.5 billion in the first three months of 2012 or 89.8% of the target for the full year, the National Economy Ministry said on Monday, confirming a first reading released on April 5.

The respective annual deficit target is HUF 576.2 billion under the central budget act.

In March alone, the general government, excluding local councils – the central government – had a deficit of HUF 230.9 billion.

The Q1 deficit was down from HUF 742.1 billion in Q1 2011 but the March deficit was up from HUF 182.4 billion one year earlier.

The central budget had a HUF 235.5 billion deficit in March, the social security funds registered a HUF 3.6 billion deficit and the separate state funds had a HUF 8.2 billion surplus last month.

In the first three months, the central budget had a deficit of 554.8 billion, reaching 93.4% of the respective full-year target. The social security funds registered a deficit of HUF 5.8 billion or 16.4% of the respective annual target. The separate state funds had a surplus of HUF 43.1 billion in January-March or 81.5% of their annual target.

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