The cash-flow surplus of the central sub system of the state budget was HUF 95.9bn, thus the fiscal shortfall narrowed by the end of November to HUF 713.7bn which constitutes 72.5 percent of the full-year target.

Within the above, the central budget recorded a deficit of HUF 938.2bn, while Social Security Funds and extra budgetary state funds posted surpluses of HUF 198.2bn and HUF 26.3bn, respectively.

Economic recovery, rebounding employment and extra revenues resulting from the introduction of on-line cash machines have significantly improved fiscal data.

The amount of expenditures and revenues is not time-proportionate. Therefore, expenditures in the first half of the year exceeded revenues, while in the second half the deficit increased only slightly or – in September, October or November this year – it even decreased.

The ESA state budget deficit continues to be 2.9 percent of GDP. Cash-flow data are confirming that this objective is attainable.

(Ministry for National Economy)