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Country Report Hungary Product Image

Country Report Hungary

  • Published: August 2014
  • Region: Hungary
  • 27 Pages
  • The Economist Intelligence Unit

On August 21st the Ministry of National Economy said that the state budget (excluding local governments) posted a Ft37.7bn (US$159.7m) cash-flow deficit in July, bringing the year-to-date deficit to Ft851.4bn, 86.5% of the annual target.

In nominal terms, the seven-month deficit was roughly the same as in 2013. As a share of the relevant annual target, this year's January-July figure of 86.5% was down on last year's 91.6%. This year's data are in line with the patterning of monthly and annual budget outturns in recent years, reflecting a front-loaded budget in which many expenditure items are concentrated in the first months of the year, whereas receipts from various revenue categories (including corporate taxes) are concentrated towards the end.

Among revenue items, receipts from personal income and payroll taxes, as well as the financial transaction tax levied on banks, continued to exceed time-proportionate targets in January-July, with more than 60% of the planned annual amount collected. Value-added tax (VAT) revenues in January-July were still lagging behind, at only 54% of the full-year target. July alone, however, was a relatively strong month for VAT, with receipts READ MORE >

Country Report Hungary

January-July budget outturn broadly in line with target
Event
Analysis
Impact on the forecast

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