The minister said the bill is designed to support families with a focus on implementing the government’s family protection action plan. He highlighted increased support for families, the economy protection action plan, tax cuts and increased spending on security as the budget’s four main pillars. The government will spend an extra 224 billion forints (EUR 691m) on family support while the economy protection action plan will pump another 500 billion forints into the economy, Varga said.
Next year’s budget targets annual economic growth of 4% and a budget deficit of 1% of GDP, he said. The public debt is seen dropping to 65.5% of GDP by the end of the year and inflation is targeted at 2.8%, according to the figures released on Parliament’s website. The bill targets a narrower deficit and more than doubles the size of reserves from this year. It targets revenue of 21,424.7 billion forints and spending of 21,791.7 billion, producing a deficit of 367 billion.
House Speaker László Kövér confirmed that lawmakers will vote on the budget on July 12.