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Hungary’s deficit reaches HUF 894.1b in July, 100.2% of full-year target

Hungary’s deficit reaches HUF 894.1b in July, 100.2% of full-year target

BUDAPEST: Hungaryʼs cashflow-based general government deficit, excluding local councils, reached HUF 894.1 billion at the end of July, a second reading of data released by the National Economy Ministry today reveals, according to Hungarian news agency MTI.

The deficit reached 100.2% of the HUF 892.4 bln full-year target. The ministry noted that the deficit had reached HUF 851.4 billion at the end of July last year. The ministry attributed the difference between the two years to changes to European Union funding.

Chapter-allocated funds from the EU were HUF 276.9 billion lower at the end of July compared to the same period last year because of annual differences in accounting and inquiries by the European Commission requiring further consultations.

The central budget deficit came to HUF 953.7 bln for January-July. The social insurance funds and separate state funds had surpluses of HUF 36.7 billion and HUF 22.9 billion , respectively.