Hungary's January general govt deficit confirmed at EUR 240.5mn.

By bne IntelliNews February 21, 2014

Hungary’s cash-based general government budget, excluding municipalities, posted a HUF 75.4bn (EUR 240.5mn) deficit in January 2014, accounting for 7.7% of the annual target, the economy ministry said in a statement on Feb 20, confirming the preliminary data. The deficit widened from HUF 2.5bn a year earlier as expenditures grew by 6.6% y/y, faster than the revenues’ annual rise of 1.2%.

The central government budget generated a deficit of HUF 166.6bn in January 2014, up by 83.7% y/y. Spending grew by 9.2% y/y, while revenues edged down by 0.5% y/y. Social security funds had a surplus of HUF 54.6bn in the period, up by 7.3% on the year. The surplus on the extrabudgetary accounts reached HUF 36.6bn, down by 1.9% y/y.

Hungary’s cash-based general government budget, excluding municipalities, posted a HUF 929.2bn deficit in 2013, accounting for 82.6% of the annual plan.

The economy ministry expects the accrual-based deficit, calculated under the ESA 95, not to exceed 2.7% of GDP, in line with the target, and at best scenario it might be as low as 2.3% of GDP. The final outcome would depend on Eurostat decision on the accounting of the budget transfer supporting the savings cooperative integration, which is expected in March.

General Budget January, HUF bn      
  2013 2014 % y/y % 2013  plan
General government balance -2.5 -75.4 2,916.0 7.7
     revenue 1,165.8 1,179.5 1.2 7.4
     expenditure  1,168.3 1,245.9 6.6 7.3
  Central government balance -90.7 -166.6 83.7 17.3
     revenue 694.5 691.1 -0.5 6.5
     expenditure  785.2 857.7 9.2 7.4
  Extrabudgetary funds balance 37.3 36.6 -1.9 -
     revenue 41.8 42.9 2.6 9.8
     expenditure  4.5 6.3 40.0 1.4
  Social Security Funds balance 50.9 54.6 7.3 -
     revenue 429.5 445.5 3.7 9.2
     expenditure  378.6 390.9 3.2 8.1
Source: Ministry for National Economy      
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