Budget posts 11 month EUR 189m surplus

Budapest, December 7 (MTI) – The cash-flow-based surplus, excluding local councils, was 59.3 billion forints (EUR 189m) in the first eleven months of 2016, according to a first reading of data released by the Economy Ministry on Wednesday.

The eleven-month surplus this year compares to a 970.7 billion forint deficit during the same period in 2015.

In November alone, budget ran a 2 billion forint surplus.

The ministry attributed the surplus to favourable economic developments, the whitening of the economy, higher tax revenues and financing from the European Union.

The October budget position had not yet included 176 billion forints of EU funding retroactively due to Hungary after a dispute over earlier road construction tenders was resolved. These funds arrived in the accounts in the last days of October.

Source: MTI