Hungary's Jan-Nov general govt deficit confirmed at EUR 2.93bn.

By bne IntelliNews December 20, 2013

Hungary’s cash-based general government budget, excluding municipalities, posted a HUF 876.3bn (EUR 2.93bn) deficit in January to November 2013, accounting for 77.9% of the annual target, the economy ministry said in a statement, confirming the preliminary data. The deficit widened by 26.7% from a year earlier as expenditures grew by 13.6% y/y, faster than the revenues’ annual rise of 12.8%.

The central government budget generated a deficit of HUF 996.8bn in January to November 2013, up by 34.8% y/y. Spending grew by 17% y/y and revenues were up 15.4% y/y. Social security funds had a surplus of HUF 51.4bn in the period, as compared to a HUF 84.7bn deficit a year earlier. The surplus on the extrabudgetary accounts reached HUF 69.1bn, down 47.8% y/y.

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.

General Budget, Jan-Nov, HUF bn        
  2012 2013 % y/y % 2013  plan
General government balance -691.7 -876.3 26.7 77.9
     revenue 12,739.7 14,376.0 12.8 93.0
     expenditure  13,431.4 15,252.3 13.6 92.0
  Central government balance -739.5 -996.8 34.8 89.2
     revenue 8,193.2 9,454.6 15.4 92.4
     expenditure  8,932.7 10,451.4 17.0 92.1
  Extrabudgetary funds balance 132.5 69.1 -47.8 -
     revenue 436.2 414.0 -5.1 71.8
     expenditure  303.7 344.9 13.6 59.0
  Social Security Funds balance -84.7 51.4 - -
     revenue 4,110.3 4,507.4 9.7 96.9
     expenditure  4,195.0 4,456.0 6.2 95.8
Source: Ministry for National Economy        

Related Articles

V4 leaders positive after dinner with European Commission president

The head of the European Commission Jean-Claude Juncker held talks with leaders of the Visegrad Group at a nearly three-hour dinner on October 19.  The dinner on the eve of the EU summit was ... more

Wizz Air applies for UK license as it prepares for Brexit turbulence

Hungary-based no-frills airline Wizz Air has set up subsidiary in the United Kingdom and is considering acquiring an air operators certificate (AOC) in preparation for possible negative impacts ... more

Hungarian retail investors continue to pile into domestic government bonds

The stock of government bonds held by households rose by HUF154bn (€500mn) September to an all-time high of HUF6.5 trillion, Hungary’s Government Debt Management Agency (AKK) said on October 16. ... more