What is happening here? Hungary’s budget deficit almost reached its full-year target by the end of March
The finance ministry released its first data on Tuesday: Hungary’s cash-flow budget deficit was 2,321.4 billion forints at the end of March.
At the end of the month, the central budget had a shortfall of 2,338.3 billion, while social security funds were 61.7 billion in the red. Separate state funds showed a 78.6 billion surplus.
The budget posted a deficit of 1,704.0 billion at the end of February.
The ministry said that interest spending, including large payments on retail government securities, came to 1,241.3 billion forints in January-March, up 604.0 billion from the same period a year earlier. Spending on maintaining the regulated utilities price system for households reached 461.3 billion, it added.
Budget deficit targets have changed
“The government’s goal is to put the economy on a path of sustainable growth while continuing to reduce budget deficit and state debt levels,” the ministry’s statement said. It added that the government targets a budget shortfall of 4.5 percent of GDP in 2024, 3.7 percent in 2025, and a 2.9 percent deficit in 2026.
By comparison, this year’s deficit target was initially set at 2.9%. However, the Government continues to repeat that it will reduce the budget deficit and public debt.
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3 Comments
I know! I know! Let´s buy an airport!
https://www.collinsdictionary.com/dictionary/english/up-to-the-eyeballs – in debt
This government will leave Hungarians in colossal debt and will have stolen everything they can get their hands on by the time they leave.
Finance Minister – Mihaly Varga, the “second” and as influential as his “Partner” in the destruction of the Hungarian Economy, being Victor Mihaly. Varga – just another FACT we know, the subject of this article, the on-going in-ability of the Finance Minister, to hold together the “plunging” worsening state, of the Hungarian Economy.
Varga, eight “Long” years, the growing in numbers on his CV – of disastrous Financial & Economic decisions, what an embarrassment he continues to be to Hungary and Victor Orban & the Fidesz Government of Hungary.
Hungarians remember post February 2020, the introduction of Financial & Economic Policy changes Financial & Economic – introduced into Hungary, against the advice of greater “learned” brains than Varga or Orban, warning them, what they both had committed Hungary – signed off – on, was High, high RISK for the future of the Economic & Financial outlook for Hungary.
Varga & Orban – these (2) two individuals FAILED to listen, and what have we now, an Economic & Financial picture, that is, a cataclysmic WORSENING Mess.
Shameful.