Hungary's Jan-Oct general govt deficit confirmed at EUR 3bn.

By bne IntelliNews November 22, 2013

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        
Read in IntelliNews Pro
Get IntelliNews Pro

Related Articles

Hungary's electric sports aircraft maker expands production

Hungary's Magnus Aircraft is constructing a new manufacturing plant in southern Hungary near the regional Pecs-Pogany airport to meet rising demand for its unique aircraft and plans to finish ... more

Gyorgy Waberer to list logistics company BILK on Budapest bourse

Gyorgy Waberer, the former owner of haulage company Waberer, plans to list shares of Budapest logistics terminal BILK on the Budapest Stock Exchange in June, local media reported on May 28. “I ... more

Hungary reaches deal with Gazprom on 2019 gas deliveries

Hungary has reached an agreement with Russian gas giant Gazprom on the volume and price of next year's gas deliveries and negotiations have begun on gas deliveries for 2020, Foreign Minister Peter ... more

Most Read

  1. Azerbaijan makes territorial gains in Nakhchivan as fighting with Armenia flares
    2 days ago
  2. STOLYPIN: Putin builds a Presidential Administration fit for stagnation
    8 days ago
  3. Turkish Elections: Expect the unexpected
    1 day ago
  4. Irish tech titan lines up stake in Slovak AI firm
    4 days ago
  5. UPDATED: Leader of Romania’s ruling PSD gets prison sentence in abuse of office case
    1 day ago
  1. KRUK REPORT: The unbearable lightness of being alive
    22 days ago
  2. Sberbank oil analyst Alex Fak fired for being openly critical of state-owned gas giant Gazprom
    30 days ago
  3. COMMENT: Russia’s oil giant Rosneft just crossed one of China’s red lines in Vietnam
    17 days ago
  4. STOLYPIN: Putin builds a Presidential Administration fit for stagnation
    8 days ago
  5. Azerbaijan makes territorial gains in Nakhchivan as fighting with Armenia flares
    2 days ago

Selected articles from our premium news/views wire IntelliNews Pro

Login to IntelliNews Pro
Get IntelliNews Pro

Reports

Dismiss