Hungary posts 10-month surplus of 185.3 million euros

Budapest, November 21 (MTI) – Hungary posted a cashflow budget surplus of 57.3 billion forints (EUR 185.3m) at the end of October, marking the first time the central budget finished October in the black, the economy ministry said in a release of fresh data on Monday.

The budget surplus, which excludes local councils, came to 59.7 billion forints in October alone.

The central budget posted a deficit of 32.5 billion forints at the end of the month, while the social insurance funds and separate state funds had surpluses of 8.4 billion and 81.4 billion forints, respectively.

When the first reading of the October data was released, Economy Minister Mihaly Varga said tax revenue was higher than expected, with corporate tax revenue up 131.6 billion forints and VAT revenue 80 billion forints higher compared with the base period.

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Varga said he would propose topping up budget allocations for investments as well as credit for exports because of the favourable balance. In a summary of the data, the ministry said the favourable development of fiscal trends this year would allow for the financing of new programmes and goals while keeping state debt on a declining path.