DATA SNAP: Hungary Two-Month Budget Deficit 32% Of Annual Target
March 07 2012 - 9:52AM
Dow Jones News
Hungary has generated a year-to-date budget deficit in February
after a surplus in January due mainly to a huge interest payment,
the country's Economy Ministry said Wednesday.
The budget posted a deficit of 393.9 billion forints ($1.74
million) in February, taking the deficit of the first two months to
HUF294.3 billion, or 32.1% of the full-year deficit target,
adjusted for one-off measures, the ministry said in a release.
Interest payments, amounting to HUF286.8 billion, were
nevertheless HUF18 billion below the February 2011 figure, the
ministry said.
One-off measures with which the ministry corrected the deficit
figure are last years' income from mandatory private pension funds
amounting to HUF459 billion; extraordinary crisis tax from the
financial, the retail, the energy and the telecommunication sectors
of HUF358 billion in 2011 and HUF342 billion in 2012; repayments on
the verdict of the European Court of Justice of value-added-tax at
HUF250 billion; partial debt takeover from local governments and
state railway firm MAV Zrt. of HUF246 billion in 2011; state
development bank MFB Zrt. capital raise in 2011 of HUF120 billion
and the purchase of a 21% package in oil and gas firm MOL Nyrt.
(MOL.BU) in 2011 for HUF498.6 billion.
-By Veronika Gulyas, Dow Jones Newswires; +36-1-267-0623;
veronika.Gulyas@dowjones.com
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