The state budget finished 2022 with a deficit of HUF 4,753.4 billion (EUR 11.9 billion).
The central budget deficit reached HUF 4,611.5 billion (EUR 11.5 billion), the separate state funds had a surplus of HUF 264 billion (EUR 663 million) and the social security funds had a deficit of HUF 406 billion (EUR 1 billion). Last year’s budget deficit was half the original target for the year as 2022 was an exceptional year as a result of the Ukrainian war and the resulting energy crisis. Internal reasons include runaway inflation.
The expenditure side was mainly burdened by the higher energy prices and the rescue programs launched at the end of the year, which are to be regarded as unplanned expenditures. As a result of the high inflation, expenditure on pensions and interest was also higher than planned.
The revenue of HUF 29,786 billion (EUR 74.8 billion) represents an increase of 18.5% on 2021. The budget deficit is expected to be 4.9% of GDP in 2022, taking into consideration separate natural gas stocks at 6.1 %.
Public debt fell from 76.8% of GDP in 2021 to 73.5%. The government aims to further reduce public debt in 2023, while the deficit target is 3.9%.