8-month gov't deficit at 87.2% of annual target
Hungary's cashflow-based general government deficit, excluding local councils, reached HUF 858.8 bln at the end of August, the National Economy Ministry said yesterday, confirming a first reading released on September 8. The eight-month deficit stood at 87.2% of the HUF 984.6 bln full-year target, the report shows.
The ministry said the accrual-based deficit target remained 2.9% of GDP, conforming with EU standards. The ministry also said that the deficit is usually frontloaded. The report forecast that the pickup in economic growth and the expansion of employment and extra budget revenue from the mandatory use of tills connected to the tax office would have a significant impact on the fiscal balance.
It also predicted that the impact will be stronger then usual in the second half of the year in comparison with earlier years. The sole source of the deficit was the central budget, which had a deficit of HUF 1.053 trillion by the end of August, exceeding the annual target by 9.5%. The social security funds had a HUF 150.1 bln deficit against a yearly target to break even.
And the separate state funds had a surplus of HUF 44.2 bln as compared to an annual deficit target of HUF 23.3 bln. Eight-month central budget revenues were below the time-proportionate two-thirds, reaching 64.6% of the annual target, while expenditure in the period was ahead of plans, at 68.3% of the annual target.
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