Hungary’s cash flow-based budget, excluding local councils, had a 3,466.4 billion forint (EUR 8.4bn) deficit at the end of November, the finance ministry said in a preliminary release of data. The deficit widened by 876.0 billion forints from the previous month. The central budget deficit reached 3,367.2 billion forints at the end of November. The social security funds were 389.7 billion forints in the red, while the separate state funds had a surplus of 290.5 billion. The full-year cash flow-based budget deficit target is 3,152.7 billion forints.
The ministry said the balance of the 2022 state budget was sustainable and the deficit target of 4.9% of GDP achievable. Meanwhile, it noted that pensions had increased again in November by 4.5% following earlier top-ups of 3.9% and 5%, bringing the overall pension hike this year to 14%. Hungary’s 2.5 million pensioners have also received a bonus worth a total 23.5 billion forints, the ministry said. Government spending on pensions reached a 4,421.0 billion forints by the end of November, the ministry added.