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Parliament passes into law government's 2023 budget

The budget was passed with 135 votes in favor and 54 votes against.

Hungary's parliament has passed into law the government's budget for 2023.

The budget was passed with 135 votes in favor and 54 votes against. It calculates with a GDP growth of 4.1 percent, a deficit target of 3.5 percent of GDP and a 5.2 percent inflation rate. Targeted central revenues total 31,074 billion forints (EUR 77.3bn) as against expenditure of 33,426 billion, with a projected shortfall of 2,352 parliament passed into law the government's budget for 2023 forints. The public debt is seen falling to 73.8 percent of GDP by the end of next year. The budget also contains a fund with 670 billion forints to preserve the utility price caps and an 842 billion forint defence fund. The two funds will be financed from windfall taxes on sectors making excessive profits in recent years. The government has earmarked 3,230 billion forints for family assistance, 453 billion forints more than this year. A total 4,900 billion forints will be paid out in pensions, including a 13th month pension, while bonuses will increase in line with inflation. Total defence expenditures will amount to 1,375 billion forints, while 2,670 billion forints have been allocated for health care, and 2,371 billion forints for education.

Photo credit: MTI