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|
|Central government balance||-648.5||-1,230.7||89.8||141.1|
|Extrabudgetary funds balance||89.1||63.1||-29.2||-864.4|
|Social Security Funds balance||-0.1||206.4||-||-|
|Source: Ministry for National Economy|
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
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 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