Ministry Confirms HUF 871.9 Bn Deficit At End-March
- 24 Apr 2018 9:05 AM
- Hungary Matters
Hungary’s cash flow-based budget, excluding local councils, ran an 871.9 billion forint (EUR 2.8bn) deficit at the end of March, the economy ministry confirmed.
The deficit reached 64.1% of the 1,360.7 billion forint full-year target. The ministry noted that prefinancing for EU funded projects had come to 651.7 billion forints by the end of March, up from 252.2 billion forints a year before, while EU transfers for these projects had reached just 60.8 billion forints.
Additional expenditures were booked for investments funded exclusively from the budget, such as those undertaken in the framework of the Modern Cities Programme.
“In light of fiscal trends, the government expects to meet the fullyear deficit target of 2.4% of GDP and further reduce the public debt, helped by an above-4% growth in GDP,” the ministry said.
XpatLoop Media Partner
LATEST NEWS IN finance