Hungary's govt sees 2013 budget deficit target achievable despite August gap.

By bne IntelliNews September 10, 2013

Hungary's government expects to meet the annual general budget target for deficit of below 3% of GDP in 2013, the economy ministry said in a statement commenting the budget execution in August. 

The cash-based central government budget posted a HUF 961.2bn (EUR 3.2bn) deficit in January to August 2013, accounting for 110.2% of the annual target. In August alone, the central budget had a deficit of HUF 110.0bn. Despite this, the deficit accumulated in August was in line with the government’s expectations. Moreover, the revenue and expenditure forecasts for the next months, including a very large surplus expected for December, support the projection that the deficit target of below 3% of GDP will be met this year, the ministry said. The ministry has not provided detailed figures of the budget execution in August.

Meanwhile, portfolio.hu informed that the government plans to raise the 2013 cash-based deficit target by HUF 171bn to HUF 1,050bn. Under a draft bill posted on the parliament’s website, the amendments would not affect the ESA95 budget balance and the requirement to lower public debt. If approved this will be the seventh revision of the budget plan for 2013.

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