Hungary’s budget deficit surges 132% y/y in Jan-April 2013.

By bne IntelliNews May 8, 2013

Hungary’s cash-based general government budget, excluding municipalities, posted a HUF 528.6bn (EUR 1.78bn) deficit in January-April 2013, accounting for 60% of the annual target, preliminary data from the finance ministry showed. The gap increased by 131.6% from a year earlier as expenditures grew by 10.1% y/y faster than the revenues’ annual rise of 4%.

The central government budget generated a deficit of HUF 668.1bn in the first four months of 2013, up by 146.5% y/y. Spending grew by 14.4% y/y and revenues were up by 2% y/y. Social security funds had a surplus of HUF 98.5bn in the period, as compared to a HUF 11.6bn deficit a year earlier. The surplus on the extrabudgetary accounts reached HUF 41bn, down by 24.6% y/y.

Hungary’s general government sector ran a deficit of HUF 532.6bn in 2012, equalling to 1.9% of the GDP, according to preliminary figures reported by the statistics office to Eurostat under the Excessive Deficit Procedure (EDP). According to the data, the government has met its deficit target, which was set at 2.7% of GDP. The government aims to keep the gap below the EU's 3% threshold in order to exit the Excessive Deficit Procedure (EDP), launched by the EC against Hungary in 2004.

General Budget, Jan-Apr, HUF bn        
  2012 2013 % y/y % 2013  plan
General government balance -228.2 -528.6 131.6 60.0
     revenue 4,532.8 4,715.2 4.0 30.8
     expenditure  4,761.0 5,243.8 10.1 32.4
  Central government balance -271.0 -668.1 146.5 76.4
     revenue 2,881.3 2,939.4 2.0 28.7
     expenditure  3,152.3 3,607.5 14.4 32.5
  Extrabudgetary funds balance 54.4 41.0 -24.6 -561.6
     revenue 158.2 150.0 -5.2 34.8
     expenditure  103.8 109.0 5.0 24.8
  Social Security Funds balance -11.6 98.5 - -
     revenue 1,493.3 1,625.8 8.9 35.0
     expenditure  1,504.9 1,527.3 1.5 32.8
Source: Ministry for National Economy        
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