Hungarian govt lowers 2007 deficit forecast to 6.6 pct of GDP vs 6.7 UPDATE |
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Published
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Wed, 18 Apr 2007 16:04
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(Updates with detail in paragraph 3-4 and inflation forecast in paragraph 5)BUDAPEST (Thomson Financial) - The Hungarian government has lowered its 2007 budget deficit forecast to 6.6 pct of GDP from 6.7 pct earlier, partly as a result of increased revenues, said Finance Minister Janos Veres.'On the basis of deficit figures in the first quarter of the year, it is very likely that the budget deficit will come in lower than the original forecast,' said Veres.The new forecast was reached on the basis of 30 bln forint correction to the forecast.This was the result of 40 bln less interest expenses; 60 bln forint surplus in pension payouts; a 30 bln loss due to the 'expected tax,' ruled illegal by the constitutional court; a 15 bln forint surplus in company tax; 15 bln less reserves; and 50 bln forints more in income tax, excise duty and national insurance.At the same time, the government has lowered its 2006 final budget forecast to 9.2 pct from 10.1 pct earlier, and its 2007 year-end inflation forecast to 7 pct.The revised figures are part of the government's euro convergence program re-submitted to the EU today.edward.krudy@thomson.comek1/lamCOPYRIGHTCopyright 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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Hungarian govt expects 90 bln forint budget surplus in April 