Deficit well below the forecast

The April shortfall brought the January-April cash-flow deficit, excluding local governments, to HUF 604.1bn, or 2.3pc of GDP, well under the projected 2.6pc. The January-April deficit reached 82pc of the full year target as opposed to 57.6pc or HUF 522.4bn in the same period last year. In its latest forecast announced in April, the ministry raised its H1 deficit forecast to HUF 892.7bn or 3.4pc of GDP and announced a HUF 155bn surplus target for H2. The central budget registered a HUF 20.9bn surplus in April, as against a forecast for a deficit of HUF 34.1bn. The January-April budget deficit came to HUF 534.6bn, slightly lower than the HUF 551.6bn deficit posted in the same period a year earlier. The social security funds had a combined deficit of HUF 55.9bn in April, under the HUF 60bn deficit forecast by the ministry. The January-April deficit of the social security funds stood at HUF 93.9bn, well over the HUF 26.2bn deficit in the same period a year earlier, when health co-payments, introduced in 2007 and abolished as a result of a referendum in the spring 2008, were still in force. The separate state funds ran a HUF 3.1bn deficit in April, up from a projected HUF 2.4bn shortfall. The funds recorded a HUF 24.4bn surplus in January-April, down from a HUF 55.4bn surplus in the same period last year. The funds include the labour market fund from which job preservation and job creation measures are funded.

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