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

Hungarian unions in full gear for first country-wide strike at Tesco stores

Union leaders are preparing for the first country-wide strike at Tesco stores in Hungary, which has unanimous support from workers, local media reported on September 4. This is just the latest in ... more

Russian development bank IIB signs off on debut Hungarian credit facility

The Moscow-based International Investment Bank (IIB) announced on August 9 that it has signed off on its debut credit facility in Hungary. The Russian-led IIB decided around five years ... more

Central Europe’s factories remain busy despite a summer lull in PMIs

Manufacturers in Central Europe reported a step back in activity and confidence in July, purchasing managers’ indices (PMI) released by IHS Markit on August 1 showed. While, the indicators still ... more