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• Details Released for Hungary's Budget Deficit of HUF 1,434 Billion

Details Released for Hungary's Budget Deficit of HUF 1,434 Billion

• 9 Mar 2022 8:49 AM
• Hungary Matters

Hungary’s cash flow-based budget deficit, excluding local councils, was 1,433.7 billion forints at the end of February, lifted by tax refunds, pensioner and public sector bonuses and a payroll tax cut, a first reading of data released by the Finance Ministry on Tuesday shows.

The ministry noted that families raising children got a personal income tax refund in February, while pensioners and the armed forces got bonuses.

Under-25s got a PIT exemption and the payroll tax was reduced to 13%, it added. The ministry also pointed to a 5% increase in pensions, an over 19% rise in the statutory minimum wage, and pay hikes for public sector workers from January 1 among other factors that impacted the budget balance.

The ministry’s report shows the central budget ran a 1,440.1 billion forint deficit, while the social security funds were 42.6 billion in the red at the end of February.

Separate state funds had a 49 billion forint surplus.

The full-year budget deficit target is 3,152.7 billion forints.


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Launched in January 2014, this newsletter published on week days covers 'everything you need to know about what’s going on in Hungary and beyond', according to its publisher the state media agency MTI.

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