The deficit of the central sub sector of the state budget was HUF 851.4bn in January-July 2014. Within that amount, the deficit of the central government budget and Social Insurance Funds was HUF 1031.1bn and HUF 134.2bn, respectively, while Extrabudgetary Funds posted a surplus of HUF 45.5bn.

In January-July 2013, the deficit of the central sub sector of the state budget was almost the same at HUF 851.2bn.

In the evaluation of this year’s deficit figures it has to be taken into account that extra revenues expected thanks to the economic recovery, improved employment and the effect of connecting cash machines on-line will significantly influence fiscal processes. The impact of these positive trends will only be fully felt in the second half of this year.

Due to the typical, recurrent discrepancy in the revenue and expenditure schedule that can be observed in each year, the size of deficit will not be time proportional in 2014, either: in the first half of the year the amount of expenditures exceed that of revenues. However, the ESA deficit target for the entire year remains the same at 2.9 percent.

(Ministry for National Economy)