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Country Report Hungary

  • ID: 2101527
  • July 2015
  • Region: Hungary
  • 27 Pages
  • The Economist Intelligence Unit

The budget deficit in the first half of 2015 amounted to Ft823.3bn (US$2.92bn), according to the Ministry of Finance. The deficit was little changed from a year earlier, but the similar headline numbers masked some important shifts in the public finances. Revenue rose markedly in January-June, benefiting from strong economic growth and increased tax collection. However, improved revenue performance was offset by legal disputes over EU funding for several projects, delaying EU transfers, with the government making up the shortfall. The government expects that the disputed issues will be resolved soon.

The cash-flow deficit of the consolidated state budget (excluding municipalities) rose by only Ft10bn in the first half of 2015, from Ft813.7bn in the year-earlier period. When measured against the full-year deficit target, the budget fared slightly better this year, with the six-month deficit amounting to 92.3% of the annual target as opposed to 98.5% of the planned full-year figure at the same point in 2014.

Total tax-type revenue was 5% higher in January-June than a year earlier, reflecting continuing economic recovery at a time when deflation averaged 0.4% year on year. READ MORE >

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Country Report Hungary

Budget on track to meet 2015 deficit target
Tax receipts grow robustly
EU transfers falter
Expenditure is reined in

Note: Product cover images may vary from those shown
Note: Product cover images may vary from those shown

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