Hungarian budget ends Jan with HUF 144 bn shortfall

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Hungary’s cash flow-based budget posted a 143.6 billion deficit, the Finance Ministry confirmed on Wednesday.

The central budget was 190.8 billion forint in the red, the social security funds had a surplus of 3.6 billion, while the separate state funds also posted a surplus, of 43.6 billion forints.

The ministry pledged to reduce the deficit and public debt further while ensuring resources for key government programmes. The economy should avoid a recession this year and grow by above 4 percent in 2024, it added.

The deficit is targeted at 3.9 percent of GDP this year, while the public debt is set to fall below 70 percent, it said.

The detailed reading of the data showed net revenue from VAT up 15.2 percent at 866.1 billion forints in January from the same month a year earlier. Net revenue from personal income tax rose by 102.1 billion to 371.9 billion.

Payouts for European Union programmes came to 151.1 billion forints in January, while transfers from Brussels totalled 34.6 billon.

Net interest spending came to 158.7 billion in January, 122.9 billion more than in the same month a year earlier.

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The average gross wage in Hungary rose by an annual 18.1 percent to 581,900 forints (EUR 1,524) in December, data released by the Central Statistical Office (KSH) on Thursday show.

The average net wage including tax benefits was 400,300 forints, 18.7 percent higher than in the same period a year prior.

For the full year, the average gross wage was 515,800 forints, up 17.5 percent from the previous year, while the average net wage including tax benefits was 355,300 forints, 18.2 percent higher than in 2021.

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Source: MTI

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2 Comments

Norbert says:

23/02/2023 at 13:22

The MTI update is behind a paywall. Since VAT (paid by consumers) and personal income tax are up, just wondering what the developments are for corporate tax? Sort of missing, here, very curious!
Cataclysmic Capitulation: says:

24/02/2023 at 08:47

DEBT riddled country’s ongoing mounting DEBT, as is the factual present position, this Orban led Government of Hungary has PLACED us in, first and foremost, to “lessen” accelerated downtrends growing DEBT, is to “Hit” civilians HARDER in Taxes.
Be Mindful – observe, they have a PLAN, we are witnessing the introduction of higher DEMANDS on us in Hungary, our pockets have already been savaged and attacked – but Orban and his “Lot” in there endeavour – to at ALL costs SURVIVE – will increase the SAVAGERY on us, the tax payers of Hungary.
Governments – what universally is there BIGGEST income?
Answer: the taxes paid by there population/civilians – and this Economic or Political theory and Governmental idea & philosophy – the ideology – will be growingly enforced by this Orban led Government of Hungary.
Hungary – massive lessening decline of Political stability.
Hungary – no Stabilization in its Economy.
Hungary – on-going continue evaporation of its Economic position, that is CHOKING us – that Sustainability of our Economy – is beyond the bounds of POSSIBILITY.
Be Mindful – don’t FEED off the PILES of falseness streaming out of the Orban Governments mouths – as it is PROPAGANDA and NOT reflective, of the Horrendous declining times, through the Orban ways, we live in Hungary, at this time.