Hungary says July budget surplus was more than expected


Hungary's government, which is struggling to control the European Union's largest budget deficit compared with the size of the economy, said its surplus last month that was larger than expected. The surplus in July was Ft 33 billion ($157 million) compared with a government forecast of Ft 7.8 billion, the Budapest-based Finance Ministry said in a faxed statement yesterday. This lowered the seven-month shortfall to Ft 1.25 trillion, or 70.9% of the annual target. Prime Minister Ferenc Gyurcsány has been criticized by the EU, the central bank and credit rating companies as the shortfall is expected to surpass targets for a fifth consecutive year. Gyurcsány has pledged to raise taxes, boost energy prices and cut government jobs to trim the shortfall. The government June 20 revised its target for the annual cash-flow budget deficit to Ft 1.77 trillion from Ft 1.55 trillion. The government is expected to revise the annual goal a second time in two months, to 8.6% of gross domestic product by EU standards. The original goal was 4.7%. (Bloomberg)


Business confidence falls slightly in June Analysis

Business confidence falls slightly in June

Lawmakers approve 2022 budget Parliament

Lawmakers approve 2022 budget

Duncan Graham reelected as BCCH president Appointments

Duncan Graham reelected as BCCH president

Budapest launches revamped coupon card for visitors City

Budapest launches revamped coupon card for visitors


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.