Hungary’s Jan-Sept budget deficit at 90.3% of revised annual target.

By bne IntelliNews October 8, 2013

Hungary’s cash-based general government budget, excluding municipalities, posted a HUF 949bn (EUR 3.2bn) deficit in the first nine months of 2013, accounting for 90.3% of the annual target, the economy ministry informed.

Hungary raised on September 24 the annual cash-based deficit target by HUF 171bn to HUF 1,050bn, which was related to the state purchase of E.ON’s local gas business and the integration of savings co-operatives.

In September alone, the general government, excluding local councils, had a surplus of HUF 12.1bn. This resulted from a HUF 13.9bn surplus of the central government balance, a HUF 6.6bn surplus of the social insurance and a HUF 8.4bn deficit on the extrabudgetary accounts.

The ministry said that the monthly fiscal position was in line with the government’s expectations. The revenue and expenditure forecasts for the next months, including a very large surplus expected for December, support the projection that the deficit target of below 3% of GDP will be met this year, the ministry said. The ministry has not provided detailed figures of the budget execution in September.

Related Articles

Finland gives final nod to construction of Nord Stream II

Finland has issued a second and final permit for the construction of the controversial Nord Stream II pipeline that is to pump gas from Russia directly to Germany via a Baltic Sea route, the Regional ... more

Lufthansa's arrival lifts economy of Hungary's second city

Three large German companies have chosen to invest in Debrecen, Hungary's second-largest city, since Lufthansa launched its first direct flight two years ago, it was announced on April 11.  ... ... more

Hungarian opposition parties bet on strong election turnout as cooperation talks stall

Green opposition party Politics Can Be Different (LMP) has suspended talks with fellow opposition parties after they failed to reach a cooperation agreement ahead of the April general election.  ... more

Dismiss