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.

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