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 |
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