January 6th, 2010

Hungary’s 2009 fiscal deficit said to come in under target at 3.6% of GDP

By

Hungary posted a cash flow-based surplus of 205 billion forints in December, better than 135 billion surplus target, bringing the full-year deficit to 918.6 billion forints compared with the target of 992.4 billion, the Finance Minister said on Tuesday.

The full-year shortfall was therefore 3.6 percent of GDP compared to 3.8 percent targeted.

The accrual-based target of 3.9 percent of GDP for 2009 is achievable in light of the cash flow-based figure, Finance Minister Peter Oszko told MTI after the Finance Ministry published its preliminary cash flow-based report.

The smaller-than-expected cash flow-based deficit for the full year was the result of higher-than-expected revenues, while central expenditures were level with what was planned, Oszko said.

Revenue from VAT and other consumption-based taxes was higher than expected, while some other taxes generated less revenue than expected. Corporate tax revenue was under the projection, the minister added. Overall, revenues from taxes were 20-30 billion forints higher than the target, Oszko said.

Topics
Share
Comments [1]
The All Hungary Media Group is firmly committed to freedom of expression and therefore applies a mostly "hands off" approach to comment moderation. Comments left by readers represent their own views and do not necessarily reflect the opinions or beliefs of the staff, editors or owner of the All Hungary Media Group, who nonetheless reserve the right to remove comments that are off-topic or which moderators consider to constitute "hate speech." Also note that in order to prevent spam we generally close entries off to comments several days after publication.
  1. JD says:
    January 6, 2010 at 11:44 am

    “Corporate tax revenue was under the projection, the minister added.”

    and the conclusion will be, increase corporate tax and screw businesses to the floor paying it.

    Maybe not, but the ability here to draw the conclusion that, for want of a better analogy, black must be white because it is not red, is astounding.