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|
|Central government balance||-739.5||-996.8||34.8||89.2|
|Extrabudgetary funds balance||132.5||69.1||-47.8||-|
|Social Security Funds balance||-84.7||51.4||-||-|
|Source: Ministry for National Economy|
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