October surplus cuts ten-month general gov’t deficit to 82.2% of full-year target
Hungary's cashflow-based general government, excluding local councils, had a HUF 35 bln surplus in October, reducing the ten-month gap to HUF 809.6 bln or 82.2% of the full-year target, the National Economy Ministry said in a first reading of data yesterday.
The October surplus followed a September surplus of HUF 14.2. The ministry confirmed that the deficit target for the full year remained 2.9% of GDP, calculated according to European Union rules. Based on the cashflow figures, the target could safely be met, it added. The central budget had a deficit of HUF 1.03 trillion in the first ten months, the ministry said, implying a budget surplus of HUF 9.5 bln in October alone.
The surplus of the social security funds widened in October to HUF 184.5 bln and separate state funds registered a slight minus, bringing their ten-month surplus to HUF 33.2 bln. The ministry repeated its assertion that the deficit is falling this year as a result of additional revenue from the pick-up in economic growth, the expansion of employment and the mandatory connection of tills to the tax office. The ministry again noted that the deficit was front-loaded, as usual, with expenditures exceeding revenue in the first half of the year.
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