Hungary’s budget deficit brutal high, inflation skyrocketing
Hungary’s cash flow-based budget deficit, excluding local councils, was 2,292 billion forints (EUR 6.39bn) at the end of September, widening on stimulus measures, the finance ministry said in a preliminary reading of data on Friday.
The central budget ran a 2066.7 billion forint deficit at the end of September, the social insurance funds were 253.9 billion forints in the red, and the separate state funds had a 28.6 billion forint surplus, the ministry said.
Meanwhile, Hungarian inflation was an annual 5.5 percent in September, the Central Statistical Office (KSH) said on Friday. CPI was driven by higher cigarette, spirits and vehicle fuel prices, with spirits and tobacco prices rising 11.2 percent, lifted by a 17.8 percent increase in tobacco prices. Prices in the category of goods that includes vehicle fuel grew by 9.8 percent, as vehicle fuel prices jumped 21.6 percent.
Food prices were up by 4.4 percent,
household energy prices edged 0.6 percent higher, consumer durable prices rose by 5.1 percent and clothing prices increased by 0.5 percent. Service prices rose by 3.2 percent. Core inflation, which excludes volatile food and fuel prices, was an annual 4.0 percent in September. CPI calculated with a basket of goods and services used by pensioners stood at 5.0 percent.
In a month-on-month comparison, inflation was 0.2 percent.
Hungary’s export growth slowed further in August as shutdowns because of supply chain interruptions caused output of the automotive industry to fall, a first reading of data released by the Central Statistical Office (KSH) on Friday shows. Exports rose by an annual 5.2 percent to 8.404 billion euros. The pace of growth was halved from July. Imports climbed 16.0 percent to 8.871 billion euros,
giving Hungary a rare trade deficit of 467 million euros.
With all the election bribes the government is giving I’m not surprised. We will pay for the bribes after the elections.
Nothing will get CHEAPER.
Inflation as previously shared in this forum, not just in Hungary but Globally – will continue to Rise.
Hungary – are we heading for a Cash Strapped Economic Crisis Situation ?
Worth some serious thought.
The Global novel coronavirus IMPACT – it’s Effects on the Economies of all Countys of the World – is still and for time – finding its POSITION.
The traditional ways countrys have Managed there Economies – in LARGE part will be read and recorded as a – Part of History – caused by the arrival of this ongoing novel coronavirus.
The World has changed – we have changed as Humans – its a new ball game – that we ALL are in – that the layers of change – in the course of its journey – STILL – has much to Unfold, before a degree of Normality – is again seen in the World.
Hungary – we have to sooner than later – decide – do we stay in the European Union – or run our own Race – Stand Alone ?
Personally – the Future of Hungary in the immediate decade ahead – in a time hopefully we see the New Reshaped World – settling into its Postion of Normality – 21st century – Functionality – and that we Hungary – stay – remain in the European Union.
Prime Minister – Victor Orban we know – will not “rollover” to Brussels and neither he should – but continue to “shame & blame” the Brussels regine of faceless individuals – who constantly violently – attack Hungary.
What Gall – they have that in there gutless and faceless rhetoric – no substance to there accusations – there supposive arguements – they attack our – Sovereignty.
Hungary – we are in Challenging times but not impossible times for us AGAIN to Rise up – Together.
Life is not going to get Cheaper.
That will be a Global trend which is occuring as I write.
Governments – will have immence CHALLENGES to manage there economies and ensure the citizens – from “all stations in life” do not pay the heafty increases that just not through Inflation but “other” changes to the Functionaly of Global Economics – they Governments – will need to Manage.
Hungary – we must not witness any – no greater leval of Social Inequality – in our Country – and work to-wards URGENTLY – its Eradication.
The “pain” we are in as a Country – biting hard millions of US – that will see our Government watching its use of the FORINT extremly carefully – we sadly – as citizens – will witness further tightening of expenditure from our Government.
The next 3 to 5 years – in Hungary will be testing but Exciting – because we know – we are fighters and winners – that has within us all – in the “core of our being” – our DNA – unparalled Loyality and Support – to each other.
United we Stand – Divided we Fall – which must be – that for the immediate Future – we Remain – in the European Union.