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Jan 24, 2020

Finance Minister: Hungary's government could draft a budget without a deficit by 2023

Mihály Varga said he is a believer that there will be a break-even budget – one that doesn’t cause a deficit — by 2022 or 2023 at the latest.

The finance minister has said Hungary’s government could draft a budget without a deficit by 2022 or 2023. 

During an interview with Mandiner, Finance Minister Mihály Varga said he is a believer that there will be a break-even budget – one that doesn’t cause a deficit — by 2022 or 2023 at the latest. “That can only be achieved gradually, because the Hungarian economy is on a path of convergence,” he said.

The minister said Hungary’s government targeted a budget shortfall of 1.8 percent of GDP last year, calculated according to the European Union’s accrual-based accounting rules. This year, the deficit is set to narrow to 1 percent of GDP.

Photo credit: vg.hu