Gov’t could submit 2018 budget proposal in spring

Initiatives

The Hungarian government wants to submit its 2018 budget proposal to Parliament in the spring, just as last year, and the preparatory work has already begun, Minister for National Economy Mihály Varga said at a press conference today, according to Hungarian news agency MTI.

Varga noted that the economic effects of wage raises the government agreed to last November are not yet included in the 2017 budget.

The minister said the preliminary general government surplus of HUF 123.4 billion in January was a 17-year high, adding that the financial resources needed for this yearʼs economic policy goals are available.

Lower taxes, fewer financial burdens on companies, subsidies for home building programs and wage raises are all affecting the budget.

Because of a favorable interest environment, financing the government debt this year should be cheaper and interest expenditure tens of billions of forints lower than last year, Varga added.

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