Hungary budget deficit reaches HUF 851.4bn in July

(MTI) – Hungary’s cashflow-based budget deficit, excluding local councils, reached 851.4 billion forints (EUR 2.7bn) at the end of July, a first reading of data published by the National Economy Ministry on Thursday shows.

The ministry’s statement shows the central budget deficit reached 1,031.1 billion forints by the end of July, while the social security funds and separate state funds had surpluses of 134.2 billion forints and 45.5 billion forints, respectively.

The ministry noted that the pickup in economic growth, 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.

“These positive tendencies will prevail more strongly in the second half of the year in comparison with earlier years,” it added.

The ministry noted that the deficit was front-loaded, as usual, with expenditures exceeding revenue in the first half of the year; but it said the deficit target remained 2.9 percent of GDP.

Source: http://mtva.hu/hu/hungary-matters