Finance Minister Mihaly Varga – Photo: MTI

Budget runs HUF 101 billion surplus in October

The budget ran a 101.3 billion forint (EUR 248.3m) surplus in October, the finance ministry confirmed in a detailed reading of data released on Wednesday.

The monthly surplus brought the January-October deficit to 2,590.4 billion forints.

The central budget deficit was 2,683.9 billion forints at the end of October. The social security funds were 195.7 billion in the red, while the separate state funds had a surplus of 289.2 billion forints.

The full-year cash flow-based budget deficit target is 3,152.7 billion forints.

The ministry noted that the government has ordered “disciplined” fiscal management at budget-funded institutions in an effort to make savings.

“Thanks to those measures, the budget closed October with a surplus of over 100 billion, as it did in September,” it added.

“The resources necessary to maintain regulated utility prices, a secure energy supply, to maintain family subsidies and to preserve the value of pensions are at hand,” it added.

Revenue from taxes and contributions rose by 17.1 percent in January-October from the same period a year earlier, the ministry said.

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