Economy
Hungary posts HUF 76 bn budget deficit in Nov, gap at 4.3% of GDP
The central state budget closed November with a deficit of HUF 120.2 bn; there was a HUF 10.4 bn deficit recorded at extra-budgetary funds and a HUF 54.7 bn surplus at social security funds.
In the first 11 months of the year, Hungary's budget gap totalled HUF 1,123.7 bn. (Note that the Finance Ministry releases forecasts only on a quarterly basis, against its previous practice of monthly estimates.) The Jan-Nov budget gap corresponds to around 4.3% of the 2009 GDP.
The ministry expects rising tax revenues to push the deficit back to the targeted level (3.9% of GDP) by the end of the year. The full-year deficit goal remained HUF 992.4 bn.
The Jan-Nov gap of the central state budget came in at HUF 914 bn. The full-year objective is HUF -816.4 bn. Revenues totalled HUF 7,255 bn, and expenditure was HUF 8,169 bn. The respective full-year targets are HUF 8,159 bn and HUF 8,975 bn.
Social security funds had a cumulated deficit of HUF 187.41 bn at the end of Nov, while the ministry forecast a HUF 155.6 bn gap for end-2009. Revenues totalled HUF 3,752 bn, with the end-year target set to HUF 4,145 bn. Expenditure came in at HUF 3,939 bn, which leaves room for spending of HUF 340 m by the end of the year.
The balance of extra-budgetary funds showed a deficit of HUF 22.3 bn at the end of the 11th month, and the target for the whole year is HUF -20.4 bn. Revenues totalled HUF 418 bn, and the full-year goal is HUF 476 bn. Expenditures came in at HUF 440 bn, leaving room for another HUF 56 bn by year-end.
In the first 11 months of the year, Hungary's budget gap totalled HUF 1,123.7 bn. (Note that the Finance Ministry releases forecasts only on a quarterly basis, against its previous practice of monthly estimates.) The Jan-Nov budget gap corresponds to around 4.3% of the 2009 GDP.
The ministry expects rising tax revenues to push the deficit back to the targeted level (3.9% of GDP) by the end of the year. The full-year deficit goal remained HUF 992.4 bn.
The Jan-Nov gap of the central state budget came in at HUF 914 bn. The full-year objective is HUF -816.4 bn. Revenues totalled HUF 7,255 bn, and expenditure was HUF 8,169 bn. The respective full-year targets are HUF 8,159 bn and HUF 8,975 bn.
Social security funds had a cumulated deficit of HUF 187.41 bn at the end of Nov, while the ministry forecast a HUF 155.6 bn gap for end-2009. Revenues totalled HUF 3,752 bn, with the end-year target set to HUF 4,145 bn. Expenditure came in at HUF 3,939 bn, which leaves room for spending of HUF 340 m by the end of the year.
The balance of extra-budgetary funds showed a deficit of HUF 22.3 bn at the end of the 11th month, and the target for the whole year is HUF -20.4 bn. Revenues totalled HUF 418 bn, and the full-year goal is HUF 476 bn. Expenditures came in at HUF 440 bn, leaving room for another HUF 56 bn by year-end.
