Hungary confirms 2013 general govt deficit at EUR 3.1bn.

By bne IntelliNews January 23, 2014

Hungary’s cash-based general government budget, excluding municipalities, posted a HUF 929.2bn (EUR 3.1bn) deficit in 2013, accounting for 82.6% of the revised annual target, the economy ministry said in a statement, confirming the preliminary data, announced on January 3.

Hungary raised on December 4 the cash-based deficit target by HUF 74.4bn to HUF 1,125bn, which was related to higher spending on the integration of the country's savings cooperatives and a repayment to oil and gas company MOL.

The deficit widened by 55.2% from a year earlier as expenditures grew by 15.6% y/y, faster than the revenues’ annual rise of 14%.

The central government budget generated a deficit of HUF 979.7bn in 2013, up by 60.3% y/y. Spending grew by 19.3% y/y and revenues were up 16.6% y/y. The surplus on the extrabudgetary accounts reached HUF 50.5bn, down by 61.2% y/y.

The budget position of the social security funds has been balanced in 2013, which positively compared to a HUF 117.5bn deficit in 2012.

The economy ministry expects the accrual-based deficit, calculated under the ESA 95, not to exceed 2.7% of GDP, in line with the target, and at best scenario it might be as low as 2.3% of GDP. The final outcome would depend on Eurostat decision on the accounting of the budget transfer supporting the savings cooperative integration, which is expected in March.

General Budget 2013, HUF bn        
  2012 2013 % y/y % 2013  plan
General government balance -598.6 -929.2 55.2 82.6
     revenue 14,422.5 16,441.8 14.0 106.3
     expenditure  15,021.1 17,371.0 15.6 104.7
  Central government balance -611.2 -979.7 60.3 87.6
     revenue 9,403.6 10,967.8 16.6 107.2
     expenditure  10,014.8 11,947.5 19.3 105.3
  Extrabudgetary funds balance 130.1 50.5 -61.2 -
     revenue 508.3 611.1 20.2 105.9
     expenditure  378.2 560.6 48.2 96.0
  Social Security Funds balance -117.5 0.0 - -
     revenue 4,510.6 4,862.9 7.8 104.5
     expenditure  4,628.1 4,862.9 5.1 104.5
Source: Ministry for National Economy        
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