Hungary's Jan-Aug general govt deficit confirmed at EUR 3.2bn.

By bne IntelliNews September 24, 2013

Hungary’s cash-based general government budget, excluding municipalities, posted a HUF 961.2bn (EUR 3.2bn) deficit in January to August 2013, accounting for 109.3% of the annual target, the economy ministry said in a statement, confirming the preliminary data. The gap widened by 71.8% from a year earlier as expenditures grew by 10.1% y/y, faster than the revenues’ annual rise of 6.4%.

The central government budget generated a deficit of HUF 1.23tn in January to August 2013, surging by 89.8% y/y. Spending grew by 14.1% y/y and revenues were up 5.7% y/y. Social security funds had a surplus of HUF 206.4bn in the period, up from a balanced position a year earlier. The surplus on the extrabudgetary accounts reached HUF 63.1bn, down 29.2% y/y.

The government plans to raise the 2013 cash-based deficit target by HUF 171bn to HUF 1,050bn. Under a draft bill submitted to the parliament, 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.

General Budget, Jan-Aug, HUF bn        
  2012 2013 % y/y % 2013  plan
General government balance -559.5 -961.2 71.8 109.3
     revenue 9,154.8 9,738.6 6.4 63.6
     expenditure  9,714.3 10,699.8 10.1 66.1
  Central government balance -648.5 -1,230.7 89.8 141.1
     revenue 5,830.6 6,163.8 5.7 60.2
     expenditure  6,479.1 7,394.5 14.1 66.6
  Extrabudgetary funds balance 89.1 63.1 -29.2 -864.4
     revenue 308.0 291.9 -5.2 66.1
     expenditure  218.9 228.8 4.5 51.0
  Social Security Funds balance -0.1 206.4 - -
     revenue 3,016.2 3,282.9 8.8 70.6
     expenditure  3,016.3 3,076.5 2.0 66.1
Source: Ministry for National Economy        
Read in IntelliNews Pro
Get IntelliNews Pro

Related Articles

Hungarian branch of Bucharest listed Digi to buy Invitel Tavkozlesi in €140mn deal

Bucharest listed Digi Communications announced on July 21 that its Hungarian subsidiary, Digi Tavkozlesi es Szolgaltato, has signed an agreement to acquire Hungarian broadband and telephone provider ... more

Czech judiciary denounces Poland's move to end separation of powers

Senior Czech judges on July 21 denounced Poland's judicial overhaul as an attack on the rule of law. With big street protests in the Czech Republic's neighbour seemingly gathering momentum – 120 ... more

Hungary's MOL strikes licensing deals essential to $1.9bn petrochemical expansion ambitions

Hungary's MOL announced on July 20 that it has struck licensing deals with Germany's Evonik Industries and Thyssenkrupp that will be essential in its plan to roll out a $1.9bn investment in ... more

Most Read

  1. Erdogan lashes out at Germany, Nato, says "God willing" he'll have Russian missiles soon
    15 hours ago
  2. STOLYPIN: Donbas continues to be as unpredictable as it is unloved
    1 day ago
  3. EU allows Gazprom to use an additional 40% of OPAL gas pipeline's capacity
    1 day ago
  4. Tajik president’s 23-year old daughter appointed deputy head of largest Tajik bank
    6 days ago
  5. Bosnia’s ruling coalition collapses
    3 days ago
  1. Erdogan lashes out at Germany, Nato, says "God willing" he'll have Russian missiles soon
    15 hours ago
  2. CHINA RISING: When sleeping giants meet
    15 days ago
  3. Belarus’ retail king Euroopt goes on the road
    20 days ago
  4. STOLYPIN: Donbas continues to be as unpredictable as it is unloved
    1 day ago
  5. STOLYPIN: Russia’s cyber-challenge cuts both ways
    22 days ago

Selected articles from our premium news/views wire IntelliNews Pro

Login to IntelliNews Pro
Get IntelliNews Pro

Reports

Dismiss