Hungary's cash flow-based general government deficit reached HUF 3,420.4 billion at the end of March, the Ministry of National Economy said in a preliminary release of data.
The central budget deficit reached HUF 3,242.6 billion and the social security funds were HUF 190.3 billion in the red, but separate state funds had a surplus of HUF 12.5 billion.
The deficit for the month of March alone reached HUF 1,313.6 billion, climbing from HUF 831.2 billion in the base period on government support for home purchases and renovation as well as road work, the ministry said. March was the first month interest payments for the Home Start subsidized lending scheme for first-time home buyers showed up in the budget, it added.
Central budget revenue from taxes and contributions rose 8.1% in January-March from the same period a year earlier.
Despite the size of the deficit, the Ministry was of the view in its statement that "the budget is stable and funding for programs supporting Hungarian families and businesses is secure."
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