Hungary's Jan-May general govt deficit confirmed at EUR 1.87bn.

By bne IntelliNews June 21, 2013

Hungary’s cash-based general government budget, excluding municipalities, posted a HUF 559.4bn (EUR 1.87bn) deficit in January-May 2013, accounting for 63.5% of the annual target, the economy ministry said in a statement, confirming the preliminary data. The gap widened by 62.6% from a year earlier as expenditures grew by 8.7% y/y, faster than the revenues’ annual rise of 5.4%.

The central government budget generated a deficit of HUF 727.9bn in the first five months of 2013, up by 80.4% y/y. Spending grew by 11.9% y/y and revenues were up by 4.3% y/y. Social security funds had a surplus of HUF 121.4bn in the period, as compared to a HUF 2.3bn deficit a year earlier. The surplus on the extrabudgetary accounts reached HUF 47.1bn, down by 23.8% y/y.

General Budget, Jan-May, HUF bn        
  2012 2013 % y/y % 2013  plan
General government balance -344.1 -559.4 62.6 63.5
     revenue 5,677.5 5,984.8 5.4 39.1
     expenditure  6,021.6 6,544.2 8.7 40.4
  Central government balance -403.6 -727.9 80.4 83.3
     revenue 3,612.3 3,765.9 4.3 36.8
     expenditure  4,015.9 4,493.8 11.9 40.5
  Extrabudgetary funds balance 61.8 47.1 -23.8 -645.2
     revenue 194.4 183.1 -5.8 42.4
     expenditure  132.6 136.0 2.6 31.0
  Social Security Funds balance -2.3 121.4 - -
     revenue 1,870.8 2,035.8 8.8 43.8
     expenditure  1,873.1 1,914.4 2.2 41.2
Source: Ministry for National Economy        

Hungary’s general government sector ran a deficit of HUF 532.6bn in 2012, equalling to 1.9% of the GDP, according to preliminary 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 European Commission recommended on May 29 lifting of the excessive deficit procedure against Hungary, concluding that the country has taken adequate adjustment measures to keep the fiscal deficit below the 3% threshold in both 2013 and 2014.

Read in IntelliNews Pro
Get IntelliNews Pro

Related Articles

Finland gives final nod to construction of Nord Stream II

Finland has issued a second and final permit for the construction of the controversial Nord Stream II pipeline that is to pump gas from Russia directly to Germany via a Baltic Sea route, the Regional ... more

Lufthansa's arrival lifts economy of Hungary's second city

Three large German companies have chosen to invest in Debrecen, Hungary's second-largest city, since Lufthansa launched its first direct flight two years ago, it was announced on April 11.  ... ... more

Hungarian opposition parties bet on strong election turnout as cooperation talks stall

Green opposition party Politics Can Be Different (LMP) has suspended talks with fellow opposition parties after they failed to reach a cooperation agreement ahead of the April general election.  ... more

Most Read

  1. Turkey’s Erdogan warns “nobody can discipline us with exchange rates”
    6 days ago
  2. Leaked document shows EU’s initially hardline approach to Gazprom
    7 days ago
  3. What’s the cost of US sanctions on Russia?
    2 days ago
  4. Putin and Trump trying to walk back Syria strike and sanctions tensions
    1 day ago
  5. Macedonia defies illiberal trend in otherwise gloomy Freedom House report
    7 days ago
  1. Fears raised of US conditioning F-35s sale on Turkey cancelling S-400 deal with Russia
    22 days ago
  2. Macedonia’s opposition VMRO-DPMNE plans major protests to force snap election
    1 month ago
  3. COMMENT: Whisper it – ‘Erdonomics’ could be driving Turkey to a meltdown
    9 days ago
  4. KRUK REPORT: Nadia Savchenko, Ukraine’s fallen hero
    27 days ago
  5. Turkey’s Erdogan warns “nobody can discipline us with exchange rates”
    6 days ago

Selected articles from our premium news/views wire IntelliNews Pro

Login to IntelliNews Pro
Get IntelliNews Pro

Reports

Dismiss