Hungary's cash flow-based general government balance showed a HUF 524.3 billion surplus for the month of July, causing the January-July deficit to narrow to HUF 2,857.9 billion, 67.7% of the full-year target, the Finance Ministry said in a preliminary release of data on Monday.
The July surplus was supported by a HUF 300 billion decline in the net balance of spending and revenue at budget-funded institutions, a HUF 109 billion reduction in expenditures on state assets and a HUF 157 billion increase in revenue from tax and contributions compared to the base period, the ministry said.
The January-July deficit comprised a HUF 2,773.6 billion central budget gap, a HUF 211.0 billion deficit in the social security funds and a HUF 126.8 billion surplus for separate state funds.
The ministry highlighted a number of factors that impacted the January-July gap, including higher expenditures on pensions and healthcare, HUF 299.7 billion spent on support for home purchase programs and a nearly HUF 100 billion increase in spending on state investments, mostly road projects.
Commenting on the fresh data in a post on Facebook, Prime Minister Péter Magyar said the July surplus was the biggest "in decades". He added that the fiscal gap relative to the full-year target had narrowed from 91% in April. "We have put an end to theft and waste," he said.
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