Hungary's budget

Hungary’s budget surplus is extra high because of the inflation

money armed guards bank

Hungary’s cash-flow-based budget, excluding local councils, had a 255.7 billion forint (EUR 648.8m) surplus in July, according to preliminary data released by the finance ministry.

The budget deficit narrowed to 2,636.5 billion forints from the end of June. The central budget deficit reached 2,729.5 billion forints at the end of July. The social security funds were 125.8 billion forints in the red, while the separate state funds had a surplus of 218.8 billion forints. The ministry said expenditures on health care and on pensions were higher in January-July than in the base period.

As napi.hu reported, the Hungarian government distributed 700 billion HUF before the elections. However, based on the January-July data of the Hungarian State Treasury, the state got 800 billion HUF just from VAT because of the skyrocketing inflation.

transmission voltage electricity
Read alsoIs the Hungarian government profiteering from the VAT on utility bills?

Hungary posts EUR 95 m trade deficit in May, says Central Statistical Office

Hungary’s trade balance showed a 95 million euro deficit in May, the Central Statistical Office (KSH) said in a second reading of data released on Monday.

A first reading of the data, released on July 7, had shown a 135 million forint trade surplus.

Hungary, an export-driven economy where trade surpluses are the norm, had a trade deficit for the eleventh month in a row.

The revised data show exports rose by an annual 29.5 percent to 12.289 billion euros, while imports climbed by 31.4 percent to 12.384 billion, KSH said.

Hungarian-parliament-accepted-2023-budget
Read also Hungary’s 2023 headline budget passed

Hungarian govt welcomes approval of ‘budget of utility bill cuts, defence’

Hungarian-parliament-accepted-2023-budget

The finance ministry on Tuesday welcomed parliament’s approval of the 2023 “budget of utility bill cuts and defence”.

The budget will enable the government to strengthen Hungary’s protection, limit the impact of the “wartime energy crisis” and keep household utility prices low, the ministry said in a statement. “We regret that the left cannot be counted on even in the current wartime situation and that they did not vote for the budget of utility protection and home defence,” the ministry added.

The statement said the protracted war in Ukraine and related European Union sanctions had led to significant price increases, soaring energy prices and high inflation throughout Europe. The government’s top priority is to keep Hungary out of the war and to protect Hungarians from being made to pay the price of the war, it said. The government’s most important task right now is to preserve Hungary’s peace and security, ensure the security of its energy supply and protect the caps on household utility bills, the ministry said.

That is why, it noted, next year’s budget contains a utility protection fund and a defence fund whose combined expenditures will exceed 1,500 billion forints (EUR 3.7 bn) which will be financed by the taxes on excessive profits and other revenues. The 2023 budget guarantees the continuation of the government’s family support measures and the 13th month pension, as well as pension increases pegged to inflation, the ministry said.

calculator invoice check bill
Read alsoHow much will we have to pay for electricity and gas in Hungary?

Hungary’s 2023 headline budget passed

Hungarian-parliament-accepted-2023-budget

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.

Poor Poverty Szegénység Breadline
Read alsoHungary’s budget deficit in the first half of 2022 revealed

Hungary’s budget deficit in the first half of 2022 revealed

Poor Poverty Szegénység Breadline

Hungary’s cash flow-based budget deficit, excluding local councils, reached 2,892.3 billion forints (EUR 7.1bn) at the end of June, the finance ministry said in a first reading of data on Friday.

“In the current, unpredictable global economic environment, the result of the protracted Russia-Ukraine war and sanctions by Brussels, the government’s goal remains clear: to preserve Hungary’s stability, and to protect the utilities price cuts, family support, pensions and full employment,” the ministry said.

“Additionally, maintaining disciplined fiscal policy is of key importance. To that end, the government is standing by its 4.9 percent budget deficit target for this year and will continue to reduce state debt,” it added.

The central budget deficit reached 3,040.7 billion forints at the end of June. The social security funds were 26.8 billion in the red, while the separate state funds had a surplus of 175.2 billion.

The deficit widened from 2,737.0 billion forints at the end of May. The full-year cash flow-based budget deficit target is 3,152.7 billion forints.

orbán
Read alsoHungarian government plans extremely high tax revenues – who will pay?

Socialists: Hungary’s next year’s draft budget ‘unsustainable’

The 2023 draft budget is “unsustainable” and “fictitious”, the head of parliament’s budgetary committee, of the opposition Socialists, said on Wednesday.

Zoltán Vajda told an online press conference that the inflation figure included in the budget proposal would be impossible to maintain. “Even the central bank does not believe that inflation will be halved at 5.2 percent next year and projects 8-9 percent instead,” he added.

The budget has been calculated with 4 percent GDP growth for next year, yet Márton Nagy, the minister of economic development, talks about the threat of a recession in Hungary, Vajda said.

The euro exchange rate of 370 against the forint projected in the budget is unsustainable, he added. European Union resources of 2 000 billion forints (EUR 5bn) have been budgeted for 2023, but if these monies fail to arrive, the budget will collapse, he said.

The government refuses to cut its own costs but wants to save costs on the people by introducing taxes on extra profits for companies, which they will pass on to customers, he said. Vajda said the government’s economic policies had no credibility.

He urged the government to introduce anti-corruption measures demanded by the EU, to introduce the euro and to take effective steps to dampen the effects of a subsistence crisis.

Retail sector Hungary Aldi
Read alsoTrade union: shops should close on Sunday afternoons in Hungary

Finance minister Varga: Opposition proposals would boost spending by EUR 11.5 bn – UPDATE

Proposals submitted by the leftist opposition to next year’s budget would increase spending by 4,600 billion forints (EUR 11.5bn) and require tax hikes amounting to 3,240 billion forints, the finance minister said on Facebook on Monday.

Mihály Varga said the 436 opposition proposals would involve changes worth approximately the same amount the government would allocate for family assistance, and the utility cut protection and defence funds.

The leftist opposition would increase the public burden by 3240 billion forints, the proposals including introduction of a “carbon tax” of 200 billion forints, as well as corporate tax increase aimed at collecting an extra 2,360 billion forints, Varga said.

According to Varga, the opposition proposals are aimed at “eating up” budget reserves, through spending 1,900 billion forints as opposed to the originally reserved 1,260 billion forints.

“Our purpose is to preserve our achievements and maintain stability even amid a wartime crisis,” Varga said, adding that passing the opposition proposals into law would result in a higher deficit and state debt.

As we wrote earlier, utility price cuts and defence spending are the factors of economic policy defining the 2023 budget, Finance Minister Varga said in parliament, presenting the 2023 draft budget, details HERE.

budapest council Karácsony gergely mayor
Read alsoBudapest mayor: Orbán cabinet plans to pass on ‘severe austerity’ to local councils

EUR 750m ‘green’ amendments submitted to 2023 budget

Városmajor Park Upgrade Revamp Renovation Green Areas

Opposition Párbeszéd will submit a 300 billion forint (EUR 748.5m) package of amendments to the 2023 budget bill promoting green programmes, the party’s spokesman said on Saturday.

The package includes 200 billion forints earmarked for an energy efficient modernisation of buildings and 50 billion for water utility upgrade, Richárd Barabás told a press conference. The party proposes allocating 30 billion forints for environmental clean-up projects, he said.

Párbeszéd further proposes setting aside 10 billion forints to support green NGOs, 8 billion for an animal protection fund and 5 billion for the preservation and revival of major lakes, he said.

Featured image: illustration

orbán
Read alsoHungarian government plans extremely high tax revenues – who will pay?

Hungarian Defence Minister: ‘Peace requires power’

Heroes' Day in Hungary

“For the first time in a long period, Hungary now has a national strategy within an alliance but with full sovereignty,” Defence Minister Kristóf Szalay-Bobrovniczky said in an interview published by the weekly Mandiner on Thursday.

On future tasks, the minister said “peace requires power”, adding that next year’s budget would provide “sufficient guarantees” for his portfolio through the new defence fund. He said the country’s defence spending would reach 2 percent of GDP in 2023, a ratio which would be maintained in years to come.

Szalay-Bobrovniczky said the government had been “prudent” to start the military reform years ago, which, in light of the war in Ukraine, was a “considerable advantage” on competitors in the region. Further developments will focus on staffing and their remuneration, he added.

The minister also confirmed that Hungary would maintain its earlier commitments to NATO. He warned, however, that being a member of that alliance “is not enough in itself”. It is crucial that Hungary has a “voluntary, well-trained and equipped, large national military” which is “confident, able and respectable”.

Concerning the war in Ukraine the minister said “this is not Hungary’s war and we will stay out”. Hungary supports peace and will work to ensure that “the bloodshed in Ukraine is at last stops and talks start”.

Viktor Orbán Nokia handy old technology
Read alsoYou would never guess how old PM Orbán’s mobile phone is!

Finance Minister: Hungary’s 2023 budget dedicated to utility price cuts, defence

varga mihály finance minister hungary

Utility price cuts and defence spending are the factors of economic policy defining the 2023 budget, Finance Minister Mihály Varga said in parliament on Wednesday, presenting the 2023 draft budget.

The government maintains a disciplined fiscal policy with an aim of preserving stability and improving balance indicators, he said. Measures to increase revenues were paired with those cutting expenditures to cut state debt and the deficit, he said.

Draft budget

The draft budget calculates with GDP growth of 4.1 percent and has a 3.5 percent-of-GDP target deficit. It sees state debt falling to 73.8 of GDP and puts inflation at 5.2 percent for next year, he said.

The draft budget contains a HUF 670 billion (EUR 1.7bn) fund to preserve the utility price caps, and a HUF 842 billion (EUR 2.13bn) defence fund, he said.

The former was set up so that Hungarians will not have to “pay the price of the war and Brussels’ sanctions policy”, and the latter “because preserving Hungary’s peace and security is not subject for discussion”, he said.

No extra burden for Hungarian citizens

Hungarians will not bear extra burdens for the funds as they will be financed form the windfall taxes levied at sectors turning excessive profits in the past years, he said.

Meanwhile, Varga noted that the 13th consecutive budget of the Orbán government is facing an uncertain environment “unprecedented since the economic crisis of 2008”.

The government is committed to following the values it had signed up to earlier: to independent, value-based politics and economic policy representing the interests of Hungary and Hungarians, he said.

Successful emergence from crisis and new challenges

Hungary has emerged successfully from a health and economic crisis with a 7.1 percent growth rate in 2021 and 8.2 percent growth in the first quarter of 2022, he said. The number of jobholders is at an all-time high and investments are growing, he said.

The war in Ukraine brought new challenges and an even more uncertain environment, he said. The budget takes into account the impact of the sanctions on Russia, the war-related energy crisis and inflation and the economic crisis in Europe, he said.

Despite those challenges, the government will keep its promise to use resources to bolster the goals most important for Hungarians such as family support, pension protection, preserving the achievements of the utility cost cut scheme and strengthening security, as well as preserving and creating jobs. Keeping the economy growing is also a priority, he said.

budapest balloon
Read alsoGet a bird’s eye view of Budapest! – PHOTOS

Budapest mayor: Orbán cabinet plans to pass on ‘severe austerity’ to local councils

budapest council Karácsony gergely mayor

The government’s 2023 draft budget would pass on the responsibility for enacting “severe austerity measures” to local councils, Gergely Karácsony, the mayor of Budapest, said on Monday, adding that the opposition parties plan to submit a package of amendments.

Karácsony told a press conference that the opposition proposals were aimed at ensuring the operability of municipalities “in these difficult times”.

It is crucial for Budapest to get the package passed, but the proposals would also ensure “important opportunities” for all localities, Karácsony said after talks with opposition representatives.

The government, he added, lacked the courage to enact the austerity measures itself.

Outlining the details of the opposition proposals, Erzsébet Gy. Németh, deputy leader of the Democratic Coalition, said localities’ “solidarity” tax should be reduced to 2019 levels, when Budapest had to pay an annual 10 billion forints (EUR 25m). In 2022, Budapest is expected to pay 36 billion forints, and 56 billion next year if the government’s draft is passed unchanged, she said.

Next year, Budapest will have to pay a much larger sum for energy as municipalities have been removed from the energy price-cap scheme, Gy. Németh said, and suggested that the electricity produced by Budapest’s waste incinerator should be used for public lighting.

Rebeka Szabó, MP of the Párbeszéd party, said the vehicle tax should be returned from central coffers to the municipalities, and localities should also be given 25 percent of the excise tax on fuels for the maintenance and resurfacing of roads. Also, the central budget should pay out 6 billion forints to Budapest for the renovation of the Chain Bridge, a sum the government had earlier pledged to contribute, she added.

Zoltán Vajda, Socialist head of parliament’s budget committee, proposed that the government and the city of Budapest should take an equal share in financing the city’s public transport, and called for funds for the city to buy new vehicles, adding that monthly public transport passes should be exempted from VAT.

Answering a question concerning an earlier proposal to introduce a fee for drivers during the rush hour, Karácsony said the city council would launch consultations with residents in September, but added that such plans were “not timely in the current situation” and he would not support such a proposal.

As we wrote before, the Hungarian government plans extremely high tax revenues – who will pay?

Budapest Airport Terminal 2b
Read alsoBudapest Airport fears negative effects of the departure tax

Orbán cabinet: the closer a country is to the war, the higher inflation is there

Market in Hungary

It is primarily “the Hungarian people’s wallets” that need to be spared from war inflation, government spokeswoman Alexandra Szentkirályi told public news channel M1 on Monday.

Szentkirályi said there was a clear link between the outbreak of the war in Ukraine and high inflation, which was why the government had looked into how it can use its own tools to help people.

“We must prevent a situation where people are worse off, where businesses are in worse shape and where we risk the achievements that have allowed many people to have jobs and families to feel safe,” Szentkirályi said.

She also said she expected a “fierce battle” with Brussels when it came to the issue of sanctions. As a European Union member state, Hungary has an interest in agreeing on a joint European position, but this cannot supersede the government’s goal of representing the Hungarian people, she said. If the EU’s proposed sanctions are not good for Hungarians, the government will make that clear, Szentkirályi added.

“If the original proposal for the oil embargo would have been equivalent to Europe shooting itself in the foot, the gas embargo would practically be akin to a shot in the lungs,” Szentkirályi said, arguing that European countries would not be able to properly substitute Russian gas imports.

Concerning the taxes on extra profits introduced by the government, Szentkirályi said the measure had not been introduced for the businesses it applies to not to comply with it. She noted that the government could order a consumer protection review of any company that tries to transfer the extra burdens to consumers.

Meanwhile, Szentkirályi told public broadcaster Kossuth Radio that the closer a country is to the war, the higher inflation is there. Estonia is experiencing inflation of 20 percent, Latvia and Lithuania have seen their inflation rates exceed 16-18 percent and inflation is also higher in Slovakia, Bulgaria, Poland and the Czech Republic, she said.

Szentkirályi said the government had decided to extend price caps on food and petrol until October and the loan moratorium and cap on mortgage rates until the end of the year with a view to shielding Hungarians from the effects of war inflation.

Péter Szijjártó foreign minister
Read also Hungary continues to be against global minimum tax

Hungarian government plans extremely high tax revenues – who will pay?

orbán

The 2023 state budget shows that the fifth Orbán government would like to increase its tax revenue drastically. They state that the companies will pay the increase, but numbers do not support that, one of the Hungarian media outlets argues. Népszava says the government plans to collect 5,500 billion HUF (13.74 bn EUR) additional tax in 2023. The taxpayers’ contribution will grow one third.

According to Népszava, the government tries to convince people that the tax will not affect them. However, that is false, the Hungarian media outlet states. One example is Ryanair’s policy.

The low-cost airline announced earlier that they would pass the government’s new tax on the passengers.

But there are even greater problems.

As Népszava highlights, the 2023 budget numbers also show that the Hungarian taxpayers will have to pay the costs. The government would like to raise their tax revenue by 5,500 billion HUF (13.74 bn EUR), aiming to collect 30,976 billion HUF (77.37 bn EUR) in 2023.

The cabinet has recently decided on the necessary budgetary adjustments. Based on their announcement, the restrictions concern 2022 and 2023.

They plan to collect 8-900 billion HUF (2-2.2 bn EUR) as extra tax and decrease expenditures by 1,000-1,200 billion HUF (2.5-3 bn EUR). As a result, the yearly budget adjustment will reach 2,000 billion HUF (5 bn EUR).

However, the 2023 budget shows different figures. The additional income of the budget from extra taxes will reach 900 billion HUF (2.2 bn EUR), but there will be an extra 4,600 billion HUF from other sources. Companies will pay 1,000 billion HUF more in Hungary’s budget, which is a considerable contribution increase.

The rest, 3,600 billion HUF, will be paid by citizens. 

The personal income and consumption tax increases will provide the sources, Népszava argues.

The personal income tax increase will be the consequence of the salary raises and the growing employment. The government plans to collect 30 pc more from VAT and 27.7 pc more from consumption tax. Furthermore, the government wrote that its excise tax revenues would increase by 12.6 pc. The ministry of finance did not add an explanation. Népszava believes the reason for the government’s optimism might be the consumption growth, the inflation and their 2022 experience when the VAT income was higher than expected.

Meanwhile, the government plans to reduce the number of public employees.

The Orbán cabinet would like to save 30 billion HUF (75 million EUR) with that. Furthermore, most public employees will not get a salary increase in 2023, while the inflation might reach 6-7 pc.

forint euro bills
Read alsoSigificant proportion of Hungarians would introduce euro in Hungary

Fidesz proposes cutting state funding for parliamentary groups

Budapest Parliament Hungary Danube

The ruling Fidesz and Christian Democrat parties are submitting a bill on cutting state funding by 3 billion forints (EUR 7.5m) for opposition parliamentary party groups and by 2 billion forints for their own groups during the current parliamentary cycle, the group leader of Fidesz said on Tuesday.

Through the “trickery of sending six party groups to parliament”, the left-wing parties would cost much more in the forthcoming cycle than they did in the previous one, even though they lost 800,000 voters and ten seats after the April 3 general election, Máté Kocsis said.

The left-wing parties’ demand for an extra 3 billion forints is “unfair”, fails to reflect the voters’ will, and should not be supported from either the fiscal or the political points of view, he said.

Kocsis noted that the monthly state funding for a pro-government MP amounted to 2.2 million forints and for an opposition MP to 3.1 million forints in the previous cycle. If the system were left unchanged, he said, the monthly funding would increase to 2.6 million forints and 4.5 million forints, respectively, he said. As a consequence, the parliamentary groups would cost the taxpayers 6 billion forints more in four years than in the previous cycle, he said.

The governing parties will table the bill next Tuesday. Once approved, the new rates will take effect on January 1 next year, he said.

forint euro bills
Read alsoEven Orbán’s supporters would introduce the euro in Hungary

Hungary repays 1.2 billion of US dollar of debt

Hungary has repaid 450 billion forints’ worth of debt, the finance minister said on Tuesday.

Mihaly Varga said on Facebook that after having issued a bond oversubscribed twofold last week, Hungary redeemed 1.2 billion of US dollar bonds.

“Hungary’s public debt maturity is now more favourable and its financial stability is now stronger as a result,”

Varga said.

Even amidst war and an uncertain international environment, Hungary has managed not only to repay its debt on time, it has done so before the expiry, he added.

draft Hungary budget 2023
Read alsoHungary’s finance minister submitted the government’s draft 2023 budget to parliament – UPDATE

Government shared how they would deal with economic challenges

Worker Factory Job

The public utility price cut protection fund and the defence fund are necessary to ease the burden on families, preserve the government’s achievements and, in response to the war situation, to guarantee the country’s peace and security, Finance Minister Mihály Varga told public broadcaster Kossuth Rádió on Sunday.

Varga noted that in 2019, before the outbreak of the pandemic, the budget projected a 1 percent deficit but the numbers had to be revised due to the crisis. High energy prices, rising inflation and the increasing interest expenses of the debt service have significantly increased expenditures, he said, but the government is committed to restoring fiscal discipline.

Next year’s draft budget will ensure that both the deficit and the government debt will fall in 2023, to 3.5 percent (of GDP) and 73.8 percent, respectively,

Varga said.

The public utility price cut protection fund and the defence fund are planned for two years, 2022 and 2023, he said.

The public utility price cut fund is projected to total 670 billion forints next year and the defence fund 842 billion forints. With the latter, Hungary will achieve its goal set earlier as a NATO commitment of spending at least 2 percent of GDP on defence by 2024 already next year as defence expenditures will well exceed 1,300 billion forints, Varga said.

Varga said Hungary’s public utility price cut scheme, in place since 2013, is facing a great challenge now due to high energy prices and inflation.

The government has decided to maintain this system; payments from the public utility price cut fund must serve the purpose of maintaining energy prices at their current low level for families, he said.

He said that negotiations are still ongoing on the recovery fund with the European Union, but he was confident that an agreement would be reached. On the other EU-related issue, the seven-year budget, he said the negotiations could be completed by the end of July so those funds can already be reckoned with in the 2023 budget, he said.

Finally, Varga said both monetary and fiscal policy are aiming to curb inflation as much as possible;

the government expects the rising trend of consumer prices to come to a halt and next year’s budget envisages inflation between 5 percent and 6 percent.

PM Orbán
Read alsoOrbán: Budget geared towards handling war inflation, economic crisis

Hungary’s finance minister submitted the government’s draft 2023 budget to parliament – UPDATE

draft Hungary budget 2023

Hungary’s finance minister on Tuesday submitted the government’s draft 2023 budget to parliament, declaring the bill would “protect the government’s achievements, ensure the security of Hungarian families and keep the economy on a growth path.”

The budget had been calculated with an economic growth target of 4.1 percent of GDP, a budget deficit target of 3.5 percent, and

a public debt level of 73.8 percent of GDP by the end of next year,

Mihály Varga told a press conference before handing over the proposal to Speaker of Parliament László Kövér.

Inflation is expected to average 5.2 percent in 2023, he added.

The government has taken into consideration the impact of the Ukraine war and sanctions against Russia while drafting the budget, as well as high inflation, a slowdown in the European economy, and global economic uncertainties, Varga said, adding that

“the environment of the budgeting process has never been as unpredictable as at the current time”.

money hungarian forint huf inflation
Read alsoHungarian budget deficit doubled in only one year!

UPDATE

The minister noted that two new funds appeared in the draft budget drawing on revenue from the taxes on extra profits: a 670 billion forint (EUR 1.72bn) “general protection fund” and another defence fund totalling 842 billion (EUR 2.16bn).

The first will ensure that Hungarians “do not pay the price of the war in the new world economic environment”, he said, while the second will ensure that the government hits its commitment to NATO to expedite the boost in defense spending to end-2023.

An extra 730 billion forints will be spent on pensions, while education and health care will receive additions of 200 billion and 100 billion forints, respectively, he said.

Support for families will exceed 3,200 billion forints in 2023, with 450 billion forints more in spending in this area than this year, he added.

Varga said the Fiscal Council had approved the bill, declaring that it complied with the requirements of the constitution.

The finance minister said the government expected local councils to manage their finances soundly and contribute to “a balanced distribution of burdens”.

Varga said he was confident that talks with the European Union would conclude soon, and an agreement would be reached on recovery fund resources for Hungary.

Kövér said

the final vote on the budget is scheduled for July 15-18, and the general debate will start on June 21.

Last week in business and finance in Hungary

gorcery

You can find the Hungarian News Agency’s main business and financial news from the previous week below.

LIDL STAYS HUNGARY’S TOP FMCG CHAIN

German-owned discount chain Lidl remained the biggest player on Hungary’s FMCG market last year, a ranking compiled by the magazine Trade showed.

Lidl had gross turnover of 921.8 billion forints (EUR 2.3bn) in 2021.

Runner-up on the list was Spar, with turnover of 791.8 billion forints, followed by Tesco, with sales of 765.0 billion forints.

SZERENCSEJÁTÉK REVENUE CLIMBS OVER HUF 700 BN IN 2021

Revenue of Szerencsejáték rose by 22 percent to 701 billion forints (EUR 1.8bn) last year, the state-owned lottery company said. About 490 billion forints of revenue was paid out as winnings. Szerencsejáték paid some

131 billion forints into the central budget in tax,

contributions, fees and dividend.

Government session in Sopron
Read alsoWill large companies finance the cap on utility bills in Hungary?