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        
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