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Budget Deficit in Hungary Grows to HUF 1,525 Billion

• 24 Mar 2023 9:17 AM
• Hungary Matters

Hungary’s cash flow-based budget balance finished February with a 1,525.1 billion forint (EUR 3.9bn) deficit, the finance ministry confirmed in a second reading of data. The deficit widened from 143.6 billion forints at the end of January.

 The central budget deficit was 1,532.6 billion forints at the end of February and the social security funds were 50.6 billion in the red. Separate state funds had a 58.1 billion surplus.

The ministry said the prolonged war and the energy crisis caused by sanctions had “radically changed the economic circumstances” but reiterated the government’s aim to protect families, pensioners, the economy and workplaces, as well as the country’s security “in dangerous times, too”.

“Like last year, the government will reduce the budget deficit and state debt [relative to GDP] this year, too,” the ministry said, confirming the 2023 budget deficit target at 3.9% of GDP.

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