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.

Related Articles

Finland gives final nod to construction of Nord Stream II

Finland has issued a second and final permit for the construction of the controversial Nord Stream II pipeline that is to pump gas from Russia directly to Germany via a Baltic Sea route, the Regional ... more

Lufthansa's arrival lifts economy of Hungary's second city

Three large German companies have chosen to invest in Debrecen, Hungary's second-largest city, since Lufthansa launched its first direct flight two years ago, it was announced on April 11.  ... ... more

Hungarian opposition parties bet on strong election turnout as cooperation talks stall

Green opposition party Politics Can Be Different (LMP) has suspended talks with fellow opposition parties after they failed to reach a cooperation agreement ahead of the April general election.  ... more