State Audit Office gives 2022 budget bill the all-clear

Government

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The State Audit Office (ÁSZ) on Friday said it established the government's 2022 budget bill is "well-founded": revenue targets are achievable and expenditure targets are sufficient for public services, according to a report by state news wire MTI.

ÁSZ chairman László Domokos presented the office's opinion on the budget bill to Deputy House Speaker Sándor Lezsák in parliament.

The office acknowledged in the opinion that the targeted 0.6-percentage-point reduction in the state debt ratio complies with rules stipulated in the constitution.

Hungary's constitution requires year-end state debt, relative to GDP, to decline each year until the ratio reaches 50%.

ÁSZ said 98.3% of budget revenue targeted in the bill is "well-founded", while 1.7% is "partially sound" and 0.4% is "risky". It identified an undershoot of revenue from corporate tax as the biggest risk.

The office said 98.9% of expenditure targets are "well-founded" and 1.1% are "partially sound".

ÁSZ noted the 2022 budget was drafted in the context of "tangible macroeconomic uncertainty" and stressed the importance of "resilience" for both the budget and the economy during the pandemic, allowing "flexible adaptation to macroeconomic conditions".

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