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        
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