Deficit significantly reduced – The Budapest Times

‘Despite adverse circumstances, the Orbán government has succeeded in reducing the budget deficit from 6.7% to an expected 4.8% in 2024,’ commented the Ministry of Economy on the detailed figures.

The state budget closed the year with an accumulated deficit of 4,095.8 billion forints, while the central budget closed with a deficit of 4,003.9 billion forints. Revenue from taxes and duties increased by 8.7% compared to 2023, but only by just under 3.5% overall to HUF 38,040 billion. As the expenditure side only increased by 2%, the nominal deficit was reduced by HUF 340 billion compared to 2023.

On the expenditure side, expenditure on pension payments increased by 475 billion forints to 6,855 billion forints, of which 520 billion forints alone went to the 13th monthly pension. Healthcare expenditure totalled HUF 2,685 billion, HUF 275 billion more than in the previous year. Public debt increased by 4,615 to 55,480 billion forints.