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May surplus brings general government deficit to HUF 2,548.5 billion

A 49 billion forint surplus for May brought Hungary's cash flow-based general government deficit to 2,548.5 billion forints at the end of the month, the finance ministry said in a preliminary release of data on Monday.

The central budget had a deficit of 2,559.7 billion forints at the end of May and the social security funds were 104.3 billion forints in the red, but separate state funds were 115.5 billion forints in the black.

Interest expenditures, which included large payments on retail government securities, came to 1,760.6 billion forints in January-May, up 659.4 billion forints from the same period a year earlier, the ministry said.

Expenditures for European Union-funded programmes reached 801.9 billion forints, while transfers from Brussels came to 546.2 billion forints, the ministry said.

The ministry said revenue from taxes and contributions was up by 9.9 percent from the base period.

The ministry affirmed the government’s commitment to reducing the deficit and state debt, noting an earlier decision to postpone 675 billion forints in state investments to achieve the 4.5 percent-of-GDP deficit target, while moving ahead with projects worth several billion forints this year.

The budget continues to ensure the resources necessary to protect pensions and family subsidies as well as to keep the system of regulated household utilities in place, the ministry said.

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