Hungary’s Jan-Nov budget deficit reaches 77.9% of revised annual target.

By bne IntelliNews December 10, 2013

Hungary’s cash-based general government budget, excluding municipalities, posted a HUF 876.3bn (EUR 2.91bn) deficit in the first eleven months of 2013, accounting for 77.9% of the revised annual target, the economy ministry informed.

Hungary raised on December 4 the annual cash-based deficit target by HUF 74.4bn to HUF 1,125bn, which was related to higher spending on the integration of the country's savings cooperatives and a repayment to oil and gas company MOL.

In November alone, the general government, excluding local councils, had a surplus of HUF 11.3bn.

The budget execution in the month was largely in line with government expectations, the ministry said without providing detailed figures.

The revenue and expenditure forecasts for December support the projection that the deficit target of below 3% of GDP will be met this year, the ministry said.

Related Articles

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

Evolution Equity Partners closes $125mn cybersecurity-focused fund

Evolution Equity Partners announced on 17 July the final closing of a new fund with total capital commitments of $125mn to make investments in cybersecurity and next generation enterprise software ... more

Dismiss