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Budget Deficit Reaches HUF2.94trln in July

HUNGARY
  • Hungary's year-to-date budget deficit widened to HUF2.940t in July from -HUF2.896t in June, according to the Hungarian Finance Ministry.
  • Hungary hasn’t had a budget surplus in nine months. The ministry pointed to outlays to off-set losses at utility companies stemming from subsidised energy costs as a main factor in driving up the deficit this year.
  • Hungary targets a budget gap of 2.9% of gross domestic product next year, compared with a 3.9% of GDP goal for this year.
  • The European Commission plans to re-start its so-called excessive deficit procedure next year, requiring member states to keep the budget deficit below 3% of GDP, with violators at risk of fines and stricter budget monitoring.
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