Deficit has its best August in 10 years

Telco

Hungary's cashflow-based general government deficit, excluding local councils, reached HUF 858.8 bln at the end of August, a first reading of data published by the National Economy Ministry yesterday shows, according Hungarian news agency MTI.

While the deficit for the year as a whole remains a concern, the ministry said the general government deficit for the month of August was just HUF 7.4 bln, the lowest level in ten years, MTI said.

Analysts note that there was a large amount of tax collection in August, which was the deadline for installing electronic cash registers that connect directly with the tax office. 

The deficit was 87.2% of the HUF 984.6bn full-year target at the end of the month, according to calculations by MTI.

The ministry's said the central budget deficit reached HUF 1.053 trillion by the end of August, while the social security funds and separate state funds had surpluses of HUF 150.1 bln and HUF 44.2 bln, respectively.

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