Brave promise: government will curb deficit, debt despite higher expenses

The government is working to ensure budget resources to preserve the value of pensions, maintain family subsidies and the utility price cut scheme, despite the significant pressure due to the war in Ukraine, the energy crisis resulting from sanctions and the high-risk global economic environment, the finance ministry said on Friday.

Hungary’s cash flow-based budget deficit was 4,074.3 billion forints (EUR 10.7bn) at the end of November, the finance ministry said in a first reading of data.

The central budget deficit reached 3,824.9 billion forints at the end of the month and the social security funds were 421.3 billion in the red. Separate state funds had a 171.9 billion surplus.

The general government deficit widened from 3,487.6 billion forints at the end of October.

The full-year deficit target is 3,400.2 billion. The deficit reached 4,753.4 billion forints in 2022.

Between January-November, the costs of the utility price cap scheme came to 1,333.8 billion forints, up from 394.2 billion forints in the same period last year, the statement said.