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The July surplus of HUF 51.7 billion compares favorably to the ministry's HUF 28.8 billion forecast. Still, the year-to-date deficit figure for the first seven months amounts to a substantial 91.6% of the annual HUF 1,022.6 billion deficit target.
In July, the central budget surplus exceeded the finance ministry's forecast by more than HUF 26 billion. At the same time, both the independent state funds and the social security funds performed slightly worse than the forecast, by a respective HUF 1.1 billion and HUF 2.4 billion.
While the ministry provided no further details on July revenues and expenditures, data for the first seven months indicates that on a time-proportional basis, the central budget continues to perform poorly, with revenues standing at just 55.3% of the annual target, and expenditures already at 60.7%, as opposed to the time proportional rate of 58.3%.
