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
Non-performing loans hit historic low in CESEE, but early warning signs emerge, says EBRD
Non-performing loans (NPLs) in central, eastern and south-eastern Europe (CESEE) fell to their lowest levels since the global financial crisis in 2024, but early indicators suggest rising risks ... more
Glass wool production restarts in Hungary after 16-year hiatus
Glass wool manufacturing has resumed in Hungary after a 16-year break, as the first trial products rolled off the production line at a new thermal insulation plant built in northeastern Hungary ... more
Most Read
-
Putin to skip Rio BRICS summit over ICC warrant as Xi signals no-show
16 days ago
-
Turkey yet to prove rare earth deposit has suggested “giant” potential despite reported processing talks with China
10 months ago
-
Uproar in Mongolia as development bank reveals scale of risky loans and NPLs
3 years ago