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Hungary posts Sept budget surplus, govt raises 2022 deficit goal -ministry

Published 10/10/2022, 10:14
Updated 10/10/2022, 10:16
© Reuters. Hungarian Prime Minister Viktor Orban prepares to address Parliament in Budapest February 14, 2011. Hungary will work out a comprehensive reform programme by March 15 and will enshrine state debt limits in a new constitution, Orban told parliament on Mon

BUDAPEST (Reuters) - Hungary posted a 181 billion forint ($411.09 million) budget surplus in September, the Finance Ministry said on Monday, adding that Prime Minister Viktor Orban's government has lifted the 2022 deficit target to 6.1% of economic output.

The September surplus trimmed the shortfall for the first nine months to 2.692 trillion forints, the ministry said. The deficit has ballooned amid a surge in expenditure driven by the war in Ukraine and European Union sanctions imposed on Russia.

The ministry said some 740 billion forints worth of spending on additional gas purchases from Russia have added 1.2 percentage point to the 2022 budget deficit.

© Reuters. Hungarian Prime Minister Viktor Orban prepares to address Parliament in Budapest February 14, 2011. Hungary will work out a comprehensive reform programme by March 15 and will enshrine state debt limits in a new constitution, Orban told parliament on Monday. He also reiterated that the government has set aside a 250 billion forints ($1.25 billion) safety buffer in the 2011 budget to protect against potential market volatility as Europe struggles with a debt crisis. REUTERS/Bernadett Szabo (HUNGARY - Tags: POLITICS BUSINESS)

Increased spending ahead of an April 3 parliamentary election, including a tax rebate for families, pension hikes and tax cuts have also contributed to a surge in the deficit in the first months of the year.

($1 = 440.29 forints)

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