Hungary's general government deficit up by 2.9% y/y in Jan-Sep.

By bne IntelliNews October 8, 2010
The deficit of the general government budget, excluding municipalities, increased by 2.9% y/y to HUF 1.1tn (EUR 4bn) for the first nine months of 2010, the economy ministry reported. The growth rate slowed down as compared to 18.5% y/y in Jan-Aug. In September alone, the gap amounted to HUF 7.7bn, down from HUF 145.9bn for the same month of 2009. Revenues in September performed well, increasing by 18.8% y/y, which resulted in 1.7% y/y increase for Jan-Sep. The latter, however, was insufficient to offset the 1.8% y/y rise in 9-month expenditures. At the same time, the budget spending for the period corresponded to 77% of the annual plan, as compared to 74% a year earlier. In terms of individual budgetary sectors, overspending was largely on account of the central government, which also generated almost entire portion of the overall deficit. The balance of the social security funds posted HUF 61.9bn deficit, while extrabudgetary balance registered a surplus of HUF 61.4bn in Jan-Sep.

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