Government submits 2015 budget bill to lawmakers


The Hungarian government submitted the 2015 budget bill to Parliament today, one day earlier than the legal deadline. The bill calls for central government revenue of HUF 16.3 trillion and expenditures of HUF 17.2 trillion, which would result in an expected deficit of HUF 877.6 bln, according to Hungarian news agency MTI. It also reportedly counts on HUF 25 billion from the controversial internet tax.

The bill foresees a 2.4%-of-GDP general government deficit, calculated according to EU methodology, lower than the 2.9% target for this year. It also targets a 0.9% reduction of state debt as a percentage of GDP to 75.4%, excluding exchange rate changes, MTI reports.

The bill banks on annual GDP growth of 2.5% and the assumption that household consumption would climb by 2.6%. The bill also banks on a hefty 1.3% increase in employment, 1.8% average annual inflation and an external financing capacity equivalent to 8.4% of GDP, MTI said.

The bill would set aside HUF 60 bln, up from HUF 40 bln, in the National Protection Fund, which is a surplus to be used in case of economic emergencies. The bill also includes HUF 100 bln in general reserves. The allocation for local councils is set at HUF 2,500 bln in the bill, including HUF 690 bln from the central budget, according to MTI.

Economics Minister Mihály Varga reportedly said that sectoral taxes, such as those on advertisers and banks, would remain in place in 2015.


ÁKK Cutting Premiums on PMÁP Figures

ÁKK Cutting Premiums on PMÁP

Parl't Approves Amendments to Legislation on Judiciary Parliament

Parl't Approves Amendments to Legislation on Judiciary

MOL to Acquire Szarvas Biogas Plant Deals

MOL to Acquire Szarvas Biogas Plant

Accommodation Fully Booked Over Pentecost Weekend Tourism

Accommodation Fully Booked Over Pentecost Weekend


Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.