Gov't deficit reaches HUF 1.704 tln
Image by Shutterstock.com
Hungary's cash flow-based government deficit, excluding local councils, reached HUF 1.704 trillion at the end of June, widening on stimulus measures, the Ministry of Finance confirmed in a detailed reading of data on its website.
"Recent measures, such as wage support, tax breaks, and pension supplements, have left significant resources in the economy," the ministry said. "The position of the budget this year has been impacted significantly, too, by tax exemptions and wage subsidies that went to players in hard-hit sectors until the end of May," it added.
The ministry noted that, from June, pensioners got a retroactive inflation-linked supplement that adds up to around HUF 26 billion. "The budget continues to ensure the resources necessary for the restart of the economy: coverage required for workplace creation, for investment incentives, and for tax reductions is available in full," the ministry said.
The government aims to achieve economic growth this year of "at least 5.5%" through "supportive fiscal policy," it added.
ADVERTISEMENT
Companies Make Net Repayments on Credit in April
Parl't Approves Amendments to Legislation on Judiciary
Wizz Air Participates in USD 50 mln Investment
Tourism Nights Slightly up in April 2023
SUPPORT THE BUDAPEST BUSINESS JOURNAL
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.
