General gov’t runs HUF 121.5 bln deficit at end of April

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Hungaryʼs cash flow-based general government, excluding local councils, ran a HUF 121.5 billion deficit at the end of April, according to preliminary data released by the Ministry for National Economy today, state news agency MTI reports. The deficit thus reached 10.41% of the HUF 1,166.4 bln full-year target, MTI calculated.

The central budget had a HUF 100.3 bln deficit and the social insurance funds were HUF 61.1 bln in the red at the end of April. Separate state funds ran a HUF 39.9 bln surplus.

In the month of April alone, the general government ran a HUF 76.6 bln surplus.

The ministry noted that the deficit for the first four months was below the HUF 144.9 bln deficit in the base period. 

Higher wages - the result of an agreement reached between the government, employers and unions late last year - boosted payroll tax revenues and through consumption VAT revenues, the ministry said. Budget revenues were also lifted by the whitening of the economy and by one-offs, such as the sale of state-owned farm land. EU expenditures related to chapter-based allocations were especially higher compared to last yearʼs base period. 

The deficit target of 2.4% of GDP for the full year "can be safely achieved," the ministry asserted.

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