Hungary confirms Q1 budget deficit at 108% of full-year target.

By bne IntelliNews April 20, 2011
Hungary's general government budget deficit stood at HUF 742.1bn (EUR 2.78bn) in Q1, or 108% of the full-year target, portfolio.hu reported, quoting final data from the economy ministry. In a monthly comparison, the budget execution deteriorated further, after recording a gap of 81% of the full-year target as at end-February. As initially announced, the deficit increase in Q1 was mostly due to the central government sector, which posted a HUF 687.6bn deficit with revenues at 22.9% and expenditures at 29.1% of the full-year target. Extra-budgetary funds and social security funds contributed to the deterioration by HUF 23bn and HUF 2.1bn, respectively. In terms of individual budgetary groups, budget organisations and ministry-managed funds recorded higher-than-planned revenues (HUF 594bn or around a third of the annual target) and expenditures (HUF 1.278tn or 30.1% of the target). Corporate tax revenues underperformed, reaching only one-fifth of the full-year target or HUF 72.8bn in Q1. The ministry again insisted that the significant deficit resulted from the unfavourable pace of revenue and expenditures, since higher inflows and restricted spending are expected in H2. It noted that if the effects of the extraordinary taxes, the allocation of private pension fund assets and expenditure cuts under the budget stability fund were proportionally distributed over the months of the current year, the adjusted budget deficit at end-March would stand at HUF 507.1bn or 68% of the target.
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