Central government 2021 cash deficit a bit lower than predicted

HUNGARY - In Brief 11 Jan 2022 by Istvan Racz
Preliminary actuals show that the central government's cash deficit for 2021 ended up at HUF5102bn or 9.5% of GDP. This was slightly lower than the HUF5196bn annual deficit that the Finance Ministry predicted in its late-December forecast. The Ministry wrote in its announcement of the actual figure this morning that because of the somewhat lower cash deficit, the general government's accrual-basis (ESA-2010) deficit might turn out to be 0.1-0.2%-points lower than annual target of 7.5% of GDP.For sure, the central government cash deficit appears to be substantially higher than the figure expected for the whole government sector on accrual basis. However, the difference was even bigger in 2020, when the annual cash deficit reached 11.6% of GDP, whereas the accrual-basis fiscal gap proved to be 8% of GDP. Looking at the subject way, 2021's officially reported/expected figures may be perfectly consistent with each other. It will be Eurostat's task to check the figures eventually.

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