Hungary's general govt deficit confirmed at EUR 3.1bn in Jan-April 2014

By bne IntelliNews May 23, 2014

Hungary's cash-based general government budget, excluding municipalities, posted a HUF 951.1bn (EUR 3.1bn) deficit in January to April 2014, accounting for 96.6% of the annual target, the economy ministry said in a statement, confirming the preliminary data announced on May 7. The deficit widened from HUF 528.6bn a year earlier as expenditures grew by 13.7% y/y, faster than the revenues' annual rise of 4.1%.

The central government budget generated a deficit of HUF 1.03tn in Jan-April, up by 54.4% y/y. Spending grew by 16.5% y/y, while revenues increased by 7.9% y/y. Social security funds had a surplus of HUF 44.8bn in the period, down by 54.5% on the year. The surplus on the extrabudgetary accounts reached HUF 35.6bn, down by 13.2% y/y.

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 general government sector had a deficit of HUF 633.6bn in 2013, equal to 2.2% of the GDP, according to 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 targets an ESA95 deficit of 2.9% of GDP for 2014.

General Budget - Jan-April, HUF bn      
  2013 2014 % y/y % 2014  plan
General government balance -528.6 -951.1 79.9 96.6
     revenue 4,815.2 5,010.5 4.1 31.3
     expenditure  5,243.8 5,961.6 13.7 35.1
  Central government balance -668.1 -1,031.5 54.4 107.3
     revenue 2,939.4 3,171.3 7.9 29.6
     expenditure  3,607.5 4,202.8 16.5 36.0
  Extrabudgetary funds balance 41.0 35.6 -13.2 -
     revenue 150.0 158.0 5.3 36.1
     expenditure  109.0 122.4 12.3 26.6
  Social Security Funds balance 98.5 44.8 -54.5 -
     revenue 1,625.8 1,681.2 3.4 34.7
     expenditure  1,527.3 1,636.4 7.1 33.7
Source: Ministry for National Economy      

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