Hungary’s cash-based general government budget, excluding municipalities, posted a HUF 887.7bn (EUR 3bn) deficit in January to October 2013, accounting for 84.5% of the annual target, the economy ministry said in a statement, confirming the preliminary data.
Hungary raised on September 24 the annual cash-based deficit target by HUF 171bn to HUF 1,051bn, which was related to the state purchase of E.ON’s local gas business and the integration of savings co-operatives.
The deficit widened by 34.9% from a year earlier as expenditures grew by 10.8% y/y, faster than the revenues’ annual rise of 9.4%.
The central government budget generated a deficit of HUF 1.19tn in January to October 2013, surging by 63.5% y/y. Spending grew by 15% y/y and revenues were up 10.3% y/y. Social security funds had a surplus of HUF 234.7bn in the period, as compared to a HUF 61.6bn deficit a year earlier. The surplus on the extrabudgetary accounts reached HUF 70bn, down 47.3% y/y.
| General Budget, Jan-Oct, HUF bn | ||||
| 2012 | 2013 | % y/y | % 2013 plan | |
| General government balance | -658.1 | -887.7 | 34.9 | 84.5 |
| revenue | 11,553.1 | 12,639.8 | 9.4 | 82.5 |
| expenditure | 12,211.2 | 13,527.5 | 10.8 | 82.6 |
| Central government balance | -729.4 | -1,192.4 | 63.5 | 114.3 |
| revenue | 7,403.9 | 8,164.6 | 10.3 | 79.8 |
| expenditure | 8,133.3 | 9,357.0 | 15.0 | 83.0 |
| Extrabudgetary funds balance | 132.9 | 70.0 | -47.3 | - |
| revenue | 404.2 | 378.2 | -6.4 | 85.7 |
| expenditure | 271.3 | 308.2 | 13.6 | 68.7 |
| Social Security Funds balance | -61.6 | 234.7 | - | - |
| revenue | 3,745.0 | 4,097.0 | 9.4 | 88.1 |
| expenditure | 3,806.6 | 3,862.3 | 1.5 | 83.0 |
| Source: Ministry for National Economy |
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