Hungary sees budget surplus in July, 9 mths deficit at 4.8 pct of GDP UPDATE |
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Thu, 19 Jul 2007 11:07
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(Updates with detail, background)BUDAPEST (Thomson Financial) - Hungary will record a budget surplus in July while the nine month deficit will reach 4.8 pct of GDP, said finance ministry officials.Hungary's July budget surplus is seen at 95.1 bln forints compared to a deficit of 250.7 bln last month, a figure that was inflated by VAT reclaims and interest payments.At the same time the finance ministry said that the deficit in the first nine months of the year would be 1.215 trln forints, or 4.8 pct of GDP.Hungary's finance ministry gives regular deficit forecasts for the following month as well as well as for the whole year.If the projection is met it will bring the full year deficit to 908 bln forints, or just over half of the yearly target.The deficit in the first six months of the year reached 1.0 trln forints or 4 pct of GDP, just under a government forecast.Hungary is struggling with the highest budget deficit in the EU, reaching 9.2 pct of GDP.The government says that this year's figure is on course to reach 6.4 pct of GDP due to an austerity package introduced last year, including increases to regulated price and taxes as well as some cost cutting measures.edward.krudy@thomson.comek1/jlwCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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Hungary July budget surplus seen at 95 bln forints;9 mths deficit 4.8 pct of GDP 