Finance Minister Mihaly Varga (Photo: MTI / Tibor Illyés)

Budget deficit HUF 2,922 billion in October

Hungary's cash flow-based budget deficit, excluding local councils, was 2,922.2 billion forints at the end of October, the Finance Ministry said in a preliminary reading of the data on Tuesday.

“The government is continuing its crisis management based on support for families, tax cuts and investment incentives…” the ministry said. “Revenues have been significantly influenced by employer preferences rolled out because of the coronavirus pandemic, higher wage outflows and an increase in average earnings,” it added.

The central budget deficit was 2,704.4 billion forints at the end of October, while the social insurance funds were 265.1 billion in the red. Separate state funds had a surplus of 47.3 billion.

The deficit widened by 630.2 billion from a month earlier.

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