Hungary's nine-month budget deficit at 85.8% of full-year target

By bne IntelliNews October 8, 2014

Hungary's cash-based general government budget, excluding municipalities, posted a deficit of HUF 844.6bn (EUR 2.75bn) in the first nine months of 2014, accounting for 85.8% of the full-year target, the economy ministry informed in a statement. The gap narrowed by 11% from a year earlier.

The ministry attributed the improvement to the accelerating economic growth, the sounder employment situation and the extra revenues owing to the operation of on-line cash registers. Moreover, these factors are expected to have larger positive effects in the coming months, hence improving the fiscal position by the end of the year.

The central government budget had a HUF 1,036.8bn deficit in January-September, equalling to 107.9% of the annul plan. The extrabudgetary accounts registered a surplus of HUF 34.3bn. The social security funds had a surplus of HUF 157.9bn.

In September alone, the cash-based general government budget, excluding municipalities, produced a surplus of HUF 14.2bn.

Hungary's general government sector had a deficit of HUF 722.1bn in 2013, equal to 2.4% of the GDP, according to figures reported by the statistics office to Eurostat under the under the accrual-based ESA2010 methodology. The government targets an ESA2010 deficit of 2.9% of GDP in 2014.

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