2024 budget submitted to Hungarian parliament

The 2024 budget bill was submitted to the parliament on Tuesday, Mihály Varga, the finance minister, announced, saying that in times of war, Hungary required a budget that guaranteed the country’s security, protected families, pensions, jobs, and cheaper household energy bills.

Varga said the budget prioritised stability and predictability, and, adhering to the custom introduced 9 years ago, MPs will hold a vote on the budget during the summer and may pass it as early as July 7. The bill takes into account today’s known dangers such as the protracted war in Ukraine, he said.

Protecting and maintaining the government’s results achieved so far are the budget’s main aims, the minister said, noting that the Fiscal Council has endorsed it and the target of reducing the deficit and public debt, while it had also identified several which the government has taken into consideration.

Varga said the bill targets a deficit of 2.9 percent and a public debt of 66.7 percent of GDP, with inflation at around 6 percent. The economy is set to grow by around 4 percent, higher than the EU average. The employment level is expected to stay level at 4.7 million, while the jobless rate is likely to be 4 percent, he said.

More than HUF 1,360 billion (EUR 3.7bn) will be available for the fund which helps households, state and local government bodies and companies pay their energy bills, ensuring the lowest utility costs in Europe, he said.