Hungary's Jan-Sep general government deficit confirmed at 132% of year target.

By bne IntelliNews October 25, 2011
Hungary's economy ministry confirmed that the general government cash-based budget deficit, excluding local councils, reached HUF 1.57tn (EUR 5.29bn) in January-September, Portfolio.hu reported. Thus, the deficit stood at 132% of the new full-year target set, in order to reflect the purchase of 21.2% of MOL from Russian oil company Surgutneftegas. The level was higher compared to the deficit-GDP ratio a year ago, but is still below the 135.8%, projected earlier. The better than expected balance came on a 5% y/y rise in revenues and 2.8% y/y in expenditures, which resulted in a HUF 25.9bn deficit in September, compared to HUF 50.1bn in August and HUF 7.7bn a year ago. The central government sector, which drove the widening gap in the previous months, recorded a surplus of HUF 18.6bn. Extrabudgetary funds were in the red by HUF 11.9bn, with the social insurance funds gap was HUF 32.6bn. The ministry changed its plan for the fiscal balance dynamics till end-2012, projecting a HUF 414bn surplus in Q4, slightly lower than the forecast a month ago. The annual deficit will stand at HUF 1.155tn or 97.6% of the last announced target.

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