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BUDGET DEFICIT 17.7%/ FY TARGET IN JAN-MAY

 

Hungary’s cash flow-based budget, excluding local councils, ran a 176.4 billion forint deficit at the end of May, or 17.7% of the full-year target, the finance ministry said in a second reading of the data. In May alone, the budget deficit came to 137.4 billion forints (EUR 425m). The 2019 deficit target of 1.8% of GDP, calculated using the EU’s accrual-based methodology, is “achievable”, it added. The central budget deficit was 253.4 billion forints, while the separate state funds and the social insurance funds had surpluses of 51.5 billion and 25.5 billion, respectively.