Historic Budget Deficit Data Is Here - But There's a Twist to the Story
7 Articles
7 Articles
The deficit of the central subsystem was 2,311.2 billion forints in August.
However, this is only a temporary state, a unique situation, as the government had to advance the EU funds expected towards the end of the year for several programs. In other words, as soon as these funds arrive, the budget will be restored to order.
In August, the deficit of the central subsystem was 2,311.2 billion forints - the Ministry of Finance announced in its preliminary public finance briefing. According to the data available to us, this is the highest monthly deficit figure ever, but this does not come as a surprise and does not mean that the budget has completely turned upside down. This brings the balance for the first 8 months to -5,169.1 billion forints.
The central subsystem of the public finances closed with an unprecedented monthly deficit in August, and together with the deficit of 2,311 billion forints, the cash flow deficit increased to 5,169 billion forints in eight months, which is more than 122 percent of the original annual deficit target. The government indicated that the August data is strongly distorted by a one-off EU pre-financing item, the related revenues are expected to arrive …
A one-off item worsened the overall picture in August regarding the central budget deficit. It also emerged that information on the state of public finances will be available earlier than ever from October.
In one month, a budget deficit of 2,311 billion forints was created, of which 2,187 billion was pre-financing for the EU program, the revenue of which will be received at the end of the year.
Coverage Details
Bias Distribution
- 67% of the sources lean Left
Factuality
To view factuality data please Upgrade to Premium
