picture of Hungarian cash

Hungary ended October with a budget deficit of 630 billion Ft. (US $2.0 billion), according to data from the Ministry of Finance. This represents the highest tenth month deficit ever, writes Portfolio.hu.

But this deficit is not only brutally large compared with previous Octobers, but was also the fourth worst monthly balance ever, according to the business news portal.

And since the pension premium will be paid out in November, December will also be a big month of spending, meaning that the Treasury may once again rack up a large deficit for this year.

The government spent more than 2.9 trillion Ft. (US $9.3 billion) more than it collected in revenue in the first ten months of the year, while it can expect a deficit of 4.0 trillion Ft. (US $12.8 billion) for the entire year.

[24.hu]

By Steven N.

Steven is the editor-in-chief of Hungarian Politics. He has been following the political scene in Hungary and the Central European region more or less since 1994.