Budget Ends January With HUF 144 Billion Shortfall, Hungarian Finmin Confirms
- 23 Feb 2023 9:14 AM
- Hungary Matters
Hungary’s cash flow-based budget posted a 143.6 billion forint deficit, the Finance Ministry confirmed on Wednesday. The central budget was 190.8 billion forint in the red, the social security funds had a surplus of 3.6 billion, while the separate state funds also posted a surplus, of 43.6 billion forints.
The ministry pledged to reduce the deficit and public debt further while ensuring resources for key government programmes. The economy should avoid a recession this year and grow by above 4% in 2024, it added.
The deficit is targeted at 3.9% of GDP this year, while the public debt is set to fall below 70%, it said.
The detailed reading of the data showed net revenue from VAT up 15.2% at 866.1 billion forints in January from the same month a year earlier.
Net revenue from personal income tax rose by 102.1 billion to 371.9 billion.
Payouts for European Union programmes came to 151.1 billion forints in January, while transfers from Brussels totalled 34.6 billon.
Net interest spending came to 158.7 billion in January, 122.9 billion more than in the same month a year earlier.
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