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Budget Deficit HUF 1,144 Bn at End-March, Ministry Confirms

MTI-Hungary Today 2021.04.23.

Hungary’s cash flow-based budget, excluding local councils, posted a shortfall of 1,144.1 billion forints (EUR 3.15 billion) at the end of March, widening from 539.7 billion at the end of the previous month, the Finance Ministry confirmed in a detailed reading of data on Friday.

The central budget ran a 943 billion forint deficit at the end March, while the social security funds had a deficit of 182.7 billion. Separate state funds were 18.4 billion in the red.

The ministry said revenue was “significantly influenced” by the economic impact of the pandemic as well as by the payroll tax cut.

Payouts for European Union-supported projects came to 615.6 billion in January-March, while transfers from Brussels reached 150.6 billion.

State spending on pandemic protection measures amounted to 342.8 billion forints in January-March, the ministry said.

Terraces Reopening in Hungary on Saturday, Curfew to Start at 11 PM
Terraces Reopening in Hungary on Saturday, Curfew to Start at 11 PM

Hungary’s Terraces will be reopening on Saturday, according to Minister of the Prime Minister’s Office Gergely Gulyás’ statement in Thursday’s government press conference. Restaurants, cafés, and pubs will be allowed to provide outdoor service until 9:30 pm, and the curfew has been modified to require people to be home by 11 pm at the latest. […]Continue reading

The new ESA deficit target is 7.5 percent of GDP, the ministry said, adding that spending on pandemic and economic recovery measures should be implemented in such a way that the public debt relative to GDP is reduced at the same time.

featured image via Tamás Kovács/MTI