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        

Related Articles

Poland isolated again as it threatens to block EU declaration

Poland will not sign the Rome Declaration if its demands for moulding the EU’s future are not reflected in the document, Prime Minister Beata Szydlo threatened on March 23. The statement could ... more

Hungarian referendum on nuclear deal with Russia rejected

The expansion of the Paks nuclear power plant will be Hungary's “biggest political error of the 21st century” claimed Bernadett Szel, leader of the small opposition party LMP, on March 22, as she ... more

Hungary finally joins the negative yield club

Hungary finally joined the negative yield club on March 21 as Government Debt Management Agency AKK  accepted a bid of -0.01% at an auction of 3-month T-bills. Hungarian yields have been on ... more

Register here to continue reading this article and 2 more for free or purchase 12 months full website access including the bne Magazine for just $119/year.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

Thank you. Please complete your registration by confirming your email address.
A confirmation email has been sent to the email address you provided.

To continue viewing our content you need to complete the registration process.

Please look for an email that was sent to with the subject line "Confirmation bne IntelliNews access". This email will have instructions on how to complete registration process. Please check in your "Junk" folder in case this communication was misdirected in your email system.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

If you have any questions please contact us at sales@intellinews.com

Subscribe to bne IntelliNews website and magazine

Subscribe to bne IntelliNews website and monthly magazine, the leading source of business, economic and financial news and commentary in emerging markets.

Your subscription includes:
  • Full access to the bne content daily news and features on the website
  • Newsletters direct to your mailbox
  • Print and digital subscription to the monthly bne magazine
  • Digital subscription to the weekly bne newspaper

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

bne IntelliNews
$119 per year

All prices are in US dollars net of applicable taxes.

If you have any questions please contact us at sales@intellinews.com

Register for free to read bne IntelliNews Magazine. You'll receive a free digital subscription.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

Thank you. Please complete your registration by confirming your email address.
A confirmation email has been sent to the email address you provided.

IntelliNews Pro offers daily news updates delivered to your inbox and in-depth data reports.
Get the emerging markets newswire that financial professionals trust.

"No day starts for my team without IntelliNews Pro" — UBS

Thank-you for requesting an IntelliNews Pro trial. Our team will be in contact with you shortly.

Dismiss