The balance of the central government budget in the first month of 2015 was in line with prior Government estimates. The deficit of the central sub sector of the state budget was HUF 53.8bn in January 2015.

Within that, the central sub sector closed the month with a deficit of HUF 104.4, while Social Security Funds and Extra Budgetary State Funds posted surpluses of HUF 35.3bn and HUF 15.3bn, respectively.

In January 2014, the deficit of the central sub sector of the state budget totalled HUF 75.4bn.

The discrepancy in the deficits of January 2015 and 2014 stems on the one hand from higher tax revenues this year (VAT, excise tax, financial transaction fee, personal income tax, social contributions, etc.) and from a more favourable interest rate differential on the other.

The amount of expenditures and revenues booked in the budget – similarly to former years -- is not time-proportionate in 2015 either: expenditures exceed revenues in the first half of the year.

(Ministry for National Economy)