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        

Related Articles

Explosion at Austrian gas hub interrupts supplies to Italy, Hungary and Slovenia

An explosion at the site of Austrian OMV’s Baumgarten natural gas hub has interrupted gas transit to Italy, Slovenia and Hungary, the Austrian government’s electricity and gas markets regulator ... more

Hungary planning to strike fair deal on INA, says Orban

Hungary is ready to strike a "fair deal to end the poisonous dispute" surrounding MOL and Croatian energy company INA, Hungarian PM Viktor Orban said after he met his Croatian counterpart Andrej ... more

Hungary gets ready for China-CEE “16+1” summit

The Hungarian government will join the China-Central and Eastern Europe Investment Cooperation Fund, a private equity fund organised by the Export-Import Bank of China, by investing €50mn, ... more

Dismiss