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Hungary budget runs 3.2 billion euros deficit at end-August
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Hungary’s cash flow-based budget deficit, excluding local councils, was at 979.9 billion forints (EUR 3.2bn) at the end of August, the economy ministry confirmed in a second reading of data released on Thursday.
The deficit reached 84 percent of the 1,166.4 billion forint full-year target.
The central budget had a 1,019 billion forint deficit and the social insurance funds were 71.7 billion forints in the red at the end of August. Separate state funds ran a 110.8 billion forint surplus.
In August alone, the budget ran a 163.1 billion forint deficit.
The ministry noted that the deficit for the first eight months was 274 billion forints in the base period.
According to the ministry, in August revenues connected to employment and consumption — including income from healthcare contributions and payroll tax — were markedly up compared to last year because of higher wages and government support given to families even as the tax burden on companies diminished.
On the expenditures side, advanced payments from domestic funds for EU tenders raised spending. Advanced payments reached 1,324.6 billion forints in January-August, almost doubling compared to the base period, the ministry said.