Hungarian budget deficit reaches HUF 3,466.4 bn
Hungary’s cash flow-based budget, excluding local councils, had a 3,466.4 billion forint (EUR 8.4bn) deficit at the end of November, the finance ministry said in a preliminary release of data on Thursday.
The deficit widened by 876.0 billion forints from the previous month.
The central budget deficit reached 3,367.2 billion forints at the end of November. The social security funds were 389.7 billion forints in the red, while the separate state funds had a surplus of 290.5 billion.
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The full-year cash flow-based budget deficit target is 3,152.7 billion forints.
The ministry said the balance of the 2022 state budget was sustainable and the deficit target of 4.9 percent of GDP achievable.
Meanwhile, it noted that pensions had increased again in November by 4.5 percent following earlier top-ups of 3.9 percent and 5 percent, bringing the overall pension hike this year to 14 percent.
Hungary’s 2.5 million pensioners have also received a bonus worth a total 23.5 billion forints, the ministry said.
Government spending on pensions reached a 4,421.0 billion forints by the end of November, the ministry added.
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Source: MTI
“For whom the bell tolls.”
Massive “headache” that sadly will continue to be another Deepening cataclysmic economic & financial “nightmare” for this present Government & Hungary – under the Hungarian Prime Minister – Victor Orban.
Ernest Hemingway – refers back to “for whom the bell tolls” – and to “no man is an island” – to DEMONSTRATE & examine his feelings of SOLIDARITY.
Hungarians – solidarity could move us to a holding or survival platform, rather than the “collapsing” cliff edge course we are on.
It could buy us TIME.
“When the Yoke is Broken,
the Burden is removed,”
The yoke meaning and to whom it refers?
The burden meaning and to whom it refers?
Solidarity – is an awareness of shared interests, objectives standards and sympathies, creating a phycological sense of unity of groups and people/human classes.
Observation: If the EU gravy train does not arrive, we will be borrowing at 8.88 percent and rising, assuming 10 year bonds
https://tradingeconomics.com/hungary/government-bond-yield
Would love to see our Politicians’ definition of “sustainable”