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Budget deficit HUF 3,298.7 billion in August

Hungary's cash-flow deficit was 3,298.7 billion forints at the end of August, up from 2,940.3 billion at the end of the previous month, the Finance Ministry said in a first release of data on Friday.

The central budget posted a shortfall of 3,330.8 billion forints at the end of August, with social security funds 93 billion in the red, while separate state funds had a 125.1 billion forint surplus.

The ministry pointed to financing for household energy subsidies, security spending and family benefits and pensions amid the strained circumstances of war and sanctions as contributors to the shortfall. It also mentioned pre-financing for European Union programmes.

EU programmes were worth 1,813.8 billion forints in January-August, while transfers from Brussels were worth 1,040.9 billion.

Spending on household utility subsidies came to 1,085.1 billion forints by the end of August.

The ministry said the government was committed to reducing the deficit and public debt from one year to the next.

The full-year deficit target is 3,400.2 billion forints.

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