Hungary’s Finance Ministry: 2025 budget planning underway
Mihály Varga, the finance minister, said after meeting the head of the Fiscal Council on Tuesday that an amendment to this year’s budget and planning for the 2025 budget are in the pipeline. The latter foresees a lower deficit, declining public debt, and stronger economic growth.
According to a ministry statement, given the effects of external factors on the Hungarian economy and public finances, this year’s deficit target has been raised to 4.5 percent. The target will be steadily reduced to below 3 percent in subsequent years.
The two officials agreed on the vital importance of improving balance indicators, and Varga said the government was committed to reducing the budget deficit and the public debt to ensure sustainable growth. The statement said the budget shortfall will be reduced from 4.5 percent this year to 3.7 percent in 2025 before a further reduction to 2.9 percent in 2026.
read also:
- Positive surprise: Wages grew the most in Hungary in the last 10 years
- OECD: Hungary economy to return to sustainable growth path in 2024 – details HERE
Source: