Finance Ministry published a budget deficit of HUF 91.2bn for August 2008
The Finance Ministry published a budget deficit of HUF 91.2bn for August, taking the cumulative deficit for the first eight months of the year to HUF 672.5bn, 65.1% of latest full-year CF-based deficit forecast. The August monthly deficit figure was minimally lower than the ministry’s preliminary forecast of HUF 94.14bn. The details of the August budget processes will be released on September 17. The August actual figures have not really changed the outlook for the remainder of the year. Especially based on the favorable revenue trend, budget processes is to remain on track this year. The ministry is unlikely to change its ESA deficit forecast of 3.8% of GDP for 2008.
Market reaction: neutral.
