DATA SNAP:Hungary 8-Mo Budget Gap 30% Above 2011 Goal With MOL
September 07 2011 - 10:42AM
Dow Jones News
Hungary's year-to-date budget deficit widened further in August
with the majority of budget revenue set to flow in toward the
year-end, the economy ministry said Wednesday.
The budget posted a deficit of 50.1 billion forints ($1.3
million) in August, taking the deficit of the first eight months to
HUF1,545 trillion, or 130% of the full-year deficit target, the
ministry said in a release.
This includes the buyout of a 21.2% stake in Hungarian oil and
gas firm MOL Nyrt. (MOL.BU).
Despite the gaping deficit hole year-to-date, Hungary will meet
its 2011 budget deficit goal of 2.94% of gross domestic product,
the ministry added.
Budget revenue is seasonally low at the start of the year while
the extraordinary taxes the government levied last year on several
sectors will only yield revenue later this year, it said.
-By Veronika Gulyas, Dow Jones Newswires; +36-1-267-0623;
veronika.Gulyas@dowjones.com
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