Hungary’s budget deficit reaches 70% of annual target by April

Hungary’s cash flow-based general government deficit reached HUF 2,930.5bn at the end of April, the National Economy Ministry said in a preliminary release of data on Monday.

The central budget had a deficit of HUF 2,851.5 at the end of the month and the social security funds were HUF 123.0bn in the red, but separate state funds had a HUF 44.0bn surplus.

The ministry said revenue was on target for the period, with revenue from taxes and contributions climbing 10.9pc and revenue from taxes on consumption rising around 13pc. On the expenditure side, maturing government securities lifted interest payments by HUF 408.7bn (EUR 1bn) to HUF 1,916.5bn (EUR 4,72bn).

In April alone, the general government reached HUF 376.4bn as support for public utilities increased almost HUF 30bn to HUF 569.9bn, and spending on family policy measures increased.

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