Here’s the latest data, Hungary’s budget deficit is over €12 billion
Hungary’s cash flow-based budget, excluding local councils, posted a 4,753.4 billion forint (EUR 12.1bn) deficit in 2022, the finance ministry confirmed in a detailed release of data on Monday.
The deficit widened by 1,287.0 billion in December alone.
The central budget deficit reached 4,611.5 billion forints at the end of the year. The social security funds were 405.8 billion forints in the red, while the separate state funds had a surplus of 263.9 billion.
The full-year cash flow-based budget deficit target was 3,152.7 billion forints.
The ministry said the deficit was a consequence of measures to ensure the country’s security and energy supply.
Expenditures on pensions last year came to 4,791.5 billion forints, including an annual bonus equivalent to a full month’s pension, increases to preserve pension value amid inflation, and a premium linked to economic growth.
Budget revenue rose by 18.7 percent to 29,786.1 billion forints last year, it added.
The budget deficit relative to GDP, calculated using the European Union’s accrual-based accounting rules, reached 4.9 percent, in line with the target. Calculating with an extraordinary top-up of the country’s gas reserves, the deficit could have reached 6.1 percent of GDP, the ministry said.
Public debt relative to GDP fell to 73.5 percent at the end of 2022 from 76.8 percent a year earlier, falling more than expected, the ministry said.
As we wrote today, the increased Ukrainian grain exports have badly affected the EU agricultural market. Therefore, member countries, including Hungary, are turning to the European Commission for a solution, details HERE.
Read alsoShould we expect HUF 360/EUR or HUF 400/EUR in 2023?
Source: MTI
please make a donation here
Hot news
What happened in Hungary today? — 23 April, 2024
According to Hungarian House Speaker Kövér, Europe lags behind global competitors
McDonald’s in Hungary: Popular fast food chain expands further in Hungary
International cooperation: Police arrest Slovak arms dealers in Hungary and Slovakia
Don’t miss out on these 5 amazing Hungarian festivals at Lake Balaton this summer!
Another Chinese city to be directly accessible from Budapest this summer!
1 Comment
With Hungarian politics, no wonder the people are in famish situation.
How long Hungarian are going to tolerate this situation? no one knows