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Budget posts HUF 1,639.0 bn end-Novt deficit, 140.5 pc / FY target

December 7th, 2017

Hungary's cash flow-based budget deficit, excluding local councils, reached 1,639.0 billion forints (EUR 5.21bn) at the end of November, lifted by government advance payments on European Union funding, the economy ministry said in a preliminary release on Thursday. The deficit reached 140.5 percent of the 1,166.4 billion forint (EUR 3.71bn) full-year target. The ministry noted that advance payments on EU funding had come close to 1,925.2 billion forints, while EU transfers had reached just 381.7 billion forints. It added that some 2.75 million pensioners had received an inflation-linked top-up and growth premium in November. The ministry said the full-year deficit target of 2.4 percent of GDP, calculated according to European Union accounting rules, "is definitely achievable".


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