The Hungarian government has submitted a draft budget amendment to the Fiscal Council.
“The most important task for next year is to protect Hungarian families and jobs, preserve the value of pensions, maintain the utility reduction scheme and guarantee the security of the country,” the finance ministry said. Hungary’s energy bill will increase from 7 billion forints (EUR 17.5m) to 17 billion forints next year but by increasing the allocation for the utility fee protection scheme, the necessary resources will be guaranteed up to the level of average consumption, the ministry said. Despite the difficulties, the budget will maintain family support measures and even expand them by offering tax exemption until the age of 30 to mothers. Additionally, the budget will guarantee a 15% pension increase from next January. The government maintains the goal to improve balance indicators and next year’s budget consequently includes a reduced deficit and public debt. The aim is to prevent an economic decline and maintain growth. Hungary’s economy could grow by over 4% this year and it is projected to grow by 1.5% in 2023, the ministry said.