In a final vote on Tuesday, Hungary's parliament has passed into law the government's 2022 budget. The budget passed with 132 votes for and 26 against.
The government drafted its budget bill envisaging a GDP growth of 5.2 percent, 3 percent inflation, a deficit target of 5.9 percent of GDP, as well as emergency reserves of 0.4 percent of GDP. Targeted central revenues total HUF 25,393.8 billion as against expenditure of HUF 28,546.5 billion, with a projected shortfall of HUF 3,152.6 billion. Reserves will add up to HUF 233 billion. The public debt is targeted at 79.3 percent of GDP. According to the government’s expectations, employment will grow by 1.1 percent in 2022, net revenues will increase by 7.7 percent, and household consumption will be up by 4.8 percent.
Economic reconstruction will focus on new jobs, assistance to families with children and the elderly and to key economic sectors. Climate protection targets and digitization will also be given due weight. Similarly to the 2021 budget, next year’s will have an economic recovery fund, this time with over HUF 7,300 billion, or 13 percent of next year’s GDP. Another fund, to support social security and efforts against the pandemic, will contain over HUF 3,600 billion.