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        
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