Hungarian Outlook: Draft Budget Of 2013
- 28 Jun 2012 1:30 AM
The Budget Bill of 2013 submitted to parliament on 15 June by the government sets a deficit target of 2.2 percent which – via one of the most stable fiscal management policies of Europe – will adequately respond to the challenges imposed by the debt crisis" declares the Hungarian Government. The draft budget of 2013 projects real GDP growth of 1.6 percent and inflation of 4.2 percent, and an increase of 8.8 percent of exports and 8 percent for imports. Employment is expected to increase by 2.2 percent and the rate of unemployment to decline to 10.3 percent.
In the past couple of months in the midst of a protracted financial-economic crisis the government implemented structural reforms by which state budget balance was made sustainable and general government debt was also set on a downward path. Due to the fiscal trend reversal, the deficit will certainly and steadily remain below 3 percent, consequently next year the Hungarian economy will begin to expand on the basis of firm fundamentals.
Total revenues of the central sub system of the state budget amount to 14 800bn HUF and the total amount on the expenditure side is 15 477bn HUF which results in a deficit of 677bn HUF.
The projected amount of general government debt is 23 573bn HUF which corresponds to the 76.8 percent of total GDP - at an exchange rate of 243.8 CHF/HUF and at a conversion rate of 299.3 EUR/HUF - in 2013 that is expected to amount to 30 685bn HUF.
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Source: kormany.hu
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