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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