General Gov't Deficit Reaches 4,070.4 Bn at End-November

Hungary's general government deficit reached HUF 4,070.4 billion at the end of November, 80.5% of the full-year target, the Ministry of National Economy said in a preliminary release of data on Monday.

The central budget gap reached HUF 3,904.0 billion and the social insurance funds were HUF 240.3 billion in the red, but separate state funds had a surplus of HUF 73.9 billion.

Alone in the month of November, the general government deficit came to HUF 402.8 billion.

Interest expenditures came to HUF 4,014.1 billion in January-November, HUF 601.4 billion more than in the base period.

Revenue from tax and contributions climbed 7.9%. Revenue from taxes on consumption rose 9%.

Expenditures on transportation and public utilities reached HUF 2,226.5 billion, up HUF 412.1 billion from the same period a year earlier, boosted by spending on waterworks infrastructure and expenditures related to the regulated utilities price scheme for households, the ministry said.

Spending on pensions and pension-like benefits reached HUF 6,733.8 billion and spending on curative and preventive care came to HUF 2,635.5 billion, both higher than in the base period.

"Hungary's finances are in order, allowing the government to ensure the resources necessary for measures to support families, pensioners, young people and businesses, despite the negative external economic environment," the ministry said.

The ministry said that Hungary's government was maintaining fiscal discipline and preserving the stability of the budget. In line with this, tax and contribution revenues were higher in November, and the cash flow deficit was also more favourable than the time-proportionate figure, the ministry said.