Hungary’s 2023 headline budget passed

Parliament on Tuesday passed into law the main figures of the government’s 2023 budget.

The headline budget passed with 121 votes for and 57 against. Targeted central revenues total 31,352 billion forints (EUR 76.85bn) as against expenditures of 33,425 billion, with a projected shortfall of 2,352 billion forints. The public debt is targeted at 73.8 percent of GDP.

The economic recovery and pandemic defence funds in the 2022 budget will be replaced next year by a utilities protection fund with 670 billion forints and a defence fund containing 842 billion forints. The budget for European Union developments targets expenditures of 3,407 billion forints and revenues of 2,057 billion, resulting in a deficit of 1,350 billion forints.

The budget earmarks 969 billion forints in support for local governments, while the local council system will have a budget of 4,000 billion forints.