General Gov't Deficit at HUF 3.4 tln
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Hungary's cash flow-based general government deficit, excluding local councils, had a HUF 3.466 trillion deficit at the end of November, the Ministry of Finance said in a preliminary release of data on its website this week. The deficit widened by HUF 876 billion from the previous month.
The central budget deficit reached HUF 3.367 tln at the end of November. The social security funds were HUF 389.7 bln in the red, while the separate state funds had a surplus of HUF 290.5 bln. The full-year cash flow-based general government deficit target is HUF 3.153 tln.
"Runaway energy prices due to sanctions and sanctions-driven inflation has put all of Europe in a tough spot. In the interest of keeping Hungary out of the recession, the government is supporting the preservation of workplaces, while protecting families with price caps, with the continuation of the regulated price scheme for household utilities and with pension rises," the ministry said.
"The government is preserving fiscal stability and sticking to the 4.9%[-of-GDP] deficit target, according to fundamental trends," it added.
The ministry noted that pensions were raised by 4.5% in November, putting an additional HUF 217 bln in retired Hungarians' pockets, while they got an extra HUF 23.5 bln in top-ups linked to economic growth.
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