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

Finland gives final nod to construction of Nord Stream II

Finland has issued a second and final permit for the construction of the controversial Nord Stream II pipeline that is to pump gas from Russia directly to Germany via a Baltic Sea route, the Regional ... more

Lufthansa's arrival lifts economy of Hungary's second city

Three large German companies have chosen to invest in Debrecen, Hungary's second-largest city, since Lufthansa launched its first direct flight two years ago, it was announced on April 11.  ... ... more

Hungarian opposition parties bet on strong election turnout as cooperation talks stall

Green opposition party Politics Can Be Different (LMP) has suspended talks with fellow opposition parties after they failed to reach a cooperation agreement ahead of the April general election.  ... more