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Jun 08, 2016

Hungary reports an all-time best budget result

Hungary posted a 131.7 billion HUF budget surplus in May, which helped record a moderate deficit for January-May

Hungary has announced an all-time best for the end of May budget, reports portfolio.hu.

Hungary posted a 131.7 billion HUF budget surplus in May, which helped record a moderate deficit for January-May, the Ministry for National Economy announced in its preliminary figures on Tuesday. 

The HUF 131.7 billion surplus was the result of surpluses in the central state budget, extra-budgetary funds and social security funds, the ministry said. 

The surplus recorded in May stands out when compared to the performance of the same month of the previous years. 

The ministry noted that the 13.2 billion HUF end-May shortfall was the smallest for this period in the last 15 years. 

Today the ministry revealed that the main reason behind the better balance is that expenditures, especially those related to EU funds, were smaller than in the same period last year, and that key tax revenues (corporate income tax, VAT, personal income tax, social contribution tax and contributions) were higher. 

The ministry also acknowledged that the growth tax credit also contributed to higher corporate tax revenues. 

Full details of the report will be brought to light two weeks from now, it was revealed.