Data from the first ten months of this year show the best fiscal balance of the past fifteen years, Minister of State for Public Finances Péter Benő Banai told public news channel M1.

The central sub sector of the state budget closed the first ten months of the year with a surplus of HUF 57.3bn, whereas in the same period of the previous year the balance showed a shortfall of HUF 816.2bn. The surplus of the state budget (excluding local governments) stemmed from surpluses of HUF 81.4bn at Extra-budgetary State Funds and HUF 8.4bn at Social Security Funds, and a deficit of 32.5bn at the central government budget.

The Minister of State stressed that revenues were higher than expected and the fiscal management of the expenditure side was prudent.

The number of economically active people has risen, wages in real terms have increased, and these factors have led to rising fiscal revenues related to employment and consumption since last year, but payments by enterprises were also higher.

As all three major credit rating agencies have recently upgraded Hungary’s ranking, debt servicing costs have fallen and this trend is expected to continue, he pointed out.

Fiscal data of 2016 are encouraging concerning the 2017 outlook, he added.

(Ministry for National Economy)