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|
|Central government balance||-729.4||-1,192.4||63.5||114.3|
|Extrabudgetary funds balance||132.9||70.0||-47.3||-|
|Social Security Funds balance||-61.6||234.7||-||-|
|Source: Ministry for National Economy|
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