Hungary's year-to-date budget deficit narrowed further in November as the majority of budget revenues are flowing at the end of the year, the national economy ministry said Wednesday.

The budget posted a surplus of 79.9 billion forints ($355 million) in November, taking the deficit of the first 11 months to HUF1.15 trillion, or 82% of the full-year deficit target, the ministry said in a statement.

After a hefty surplus also in October, Hungary will see its 2011 budget deficit around 3% of gross domestic product in line with the ministry's earlier warning that the deficit might not be below 3% rather somewhere around it due to a slower-than-seen gross domestic product growth this year.

Budget revenues are seasonally low at the start of the year while the extraordinary taxes the government levied last year on several sectors have yielded revenues in the fourth quarter this year.

-By Veronika Gulyas, Dow Jones Newswires, +36 1 267 0623;

veronika.Gulyas@dowjones.com

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