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HUNGARY BUDGET DEFICIT HUF 101 BN IN MAY, MINISTRY CONFIRMS

 

Hungary’s cash-flow budget deficit, excluding local councils, was 101.4 billion forints (EUR 256.0m) in May, bringing the five-month deficit to 2,737 billion forints, the finance ministry confirmed in a detailed reading of data on Wednesday. The central budget deficit reached 2,879.0 billion forints at the end of May. The social security funds were 8.6 billion forints in the red, while the separate state funds had a surplus of 150.6 billion forints. The full-year cash flow-based budget deficit target is 3,152.7 billion forints. The report shows net revenue from VAT climbed 29.3% to 2,586.9 billion forints in January-May from the same period a year earlier. Net revenue from personal income tax dropped by 405.5 billion forints to 760.7 billion as the net effect of higher wages and personal income tax refunds paid early in the year.