Hungary general government deficit at 108% of full-year target in Q1.

By bne IntelliNews April 8, 2011
The cash-based budget deficit of the general government, excluding municipalities, widened by 21.7% y/y to HUF 742.1bn (EUR 2.8bn) in Q1, reaching 108% of full-year target, the finance ministry reported. In comparison to the deficit level a year ago, the current budget execution worsened by 21.7%. The deficit increase was mostly due to the central government sector, which posted a HUF 687.6bn deficit or 12.1pps above the 12-month target, and the social insurance funds with a gap of HUF 98.4bn (equal to 110.9% of the full-year target). Extrabudgetary funds were on a HUF 43.9bn surplus, which shrank on an annual basis. The ministry again attributed the significant deficit to the pace of revenue and expenditures. It noted once more that the transfer of the assets from the nationalised private pension funds to the state pillar, the effect of the extraordinary taxes in the financial, telecommunications, energy and retail sectors, as well as the money allocated in the stability fund will come into the budget later in the year. If all these effects were proportionally distributed over the months of the current year, the adjusted budget deficit at end-March would stand at HUF 507.1bn or 68% of the target. The ministry commented also that the Q1 central budget revenue exceeded last year's level by HUF 93bn, while expenditures for the period fell by almost HUF 22bn on the year. Both interest spending and receipts decreased by HUF 14.1bn to HUF 53.5bn and by HUF 10.4bn to HUF 4.9bn, respectively, in Q1.
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