Hungary’s Deficit 39% Of Full-Year Target, Ministry Confirms

  • 23 Jul 2019 8:00 AM
  • Hungary Matters
Hungary’s Deficit 39% Of Full-Year Target, Ministry Confirms
Hungary’s cash flow-based budget, excluding local councils, ran a deficit of 390 billion forints (EUR 1.2bn) or 39.1% of the 998.4 billion forint full-year target at the end of June, the finance ministry confirmed in a detailed release of data.

Revenue from personal income tax rose by 105.4 billion forints over the same period a year earlier, while revenue from payroll tax climbed 260.1 billion forints in the period.

Revenue from VAT totalled 397.4 billion forints higher and excise tax revenue increased by 45.3 billion forints.

Revenue was lifted by higher wages and employment, which, together with tax preferences, have boosted consumption, the ministry said.

The 2019 deficit target of 1.8% of GDP, calculated using the EU’s accrual-based methodology, is “realistic and achievable”, it added.

  • How does this content make you feel?

XpatLoop Media Partner

Hungary Matters

Launched in January 2014, this twice-daily newsletter covers 'everything you need to know about what’s going on in Hungary and beyond', according to its publisher the state media agency MTI. Click the title above for more info, and to subscribe.

Explore More Reports