VARGA Mihály finance minister
Photo: MTI

Hungary’s cash flow-based budget, excluding local councils, ran a 352.7 billion forint (EUR 1.1bn) deficit at the end of July, the finance ministry said in a preliminary release on Thursday.

The deficit hit 35.3 percent of the 998.4 billion forint full-year target.

The ministry noted that the budget had a 37.2 billion forint surplus alone in the month of July, “as a result of the government’s policy founded on increasing employment and reducing taxes and thanks to the performance of the economy”.

At the end of July, the central budget deficit came to 446.7 billion forints, while separate state funds had a surplus of 73.5 billion forints and the social insurance funds were 20.5 billion forints in the black.

The 2019 deficit target of 1.8 percent of GDP, calculated using European Union accounting rules, “remains achievable”, the ministry said.

Source: MTI

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