Hungary’s cash flow-based budget, excluding local councils, ran a 141.9 billion forint (EUR 442.3m) deficit at the end of March, the finance ministry confirmed in a second reading of data released. The three-month deficit reached 14.2% of the 998.4 billion forint full-year target. The ministry said that the full-year accrual-based deficit target of 1.8% of GDP was achievable, parallel with a reduction in public debt.
In March alone, the budget ran a deficit of 209.3 billion forints after a sizeable surplus in January and a smaller deficit in February. The central budget ran a 139.6 billion forint deficit at the end of March, the social insurance funds were 3.7 billion forints in the red, but the separate state funds had a surplus of 1.4 billion forints, the ministry confirmed. January-March revenues of the budget excluding local councils rose by an annual 14.8% to 4,958.5 billion forints with rising tax revenues and revenues from the European Union jumping compared to 2018. Revenue from state assets more than doubled with revenue arriving from frequency sales.