Hungary's budget posts EUR 245mn deficit in January 2014.

By bne IntelliNews February 7, 2014

Hungary’s cash-based general government budget, excluding municipalities, posted a HUF 74.5bn (EUR 245mn) deficit in the January 2014, accounting for 7.7% of the full-year target, the economy ministry informed in a statement. The gap increased from HUF 2.5bn a year earlier.

The central government budget had a HUF 166.6bn deficit, or 17.3% of the annul plan. By contrast, the social security funds as well as the extrabudgetary accounts had a surplus of HUF 54.6bn and HUF, respectively.

Hungary’s cash-based general government budget, excluding municipalities, posted a HUF 929.2bn deficit in 2013, accounting for 82.6% of the annual plan.

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.

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