Parliament Passes 2022 Budget

Hungary’s parliament passed into law the government’s 2022 budget in a final vote on Tuesday.

The budget passed with 132 votes for and 26 against. The government drafted its budget bill envisaging a GDP growth of 5.2%, 3% inflation, a deficit target of 5.9% of GDP, as well as emergency reserves of 0.4% of GDP. Targeted central revenues total 25,393.8 billion forints as against expenditure of 28,546.5 billion, with a projected shortfall of 3,152.6 billion forints. Reserves will add up to 233 billion forints. The public debt is targeted at 79.3% of GDP. According to the government’s expectations, employment will grow by 1.1% in 2022, net revenues will increase by 7.7%, and household consumption will be up by 4.8%.
Economic reconstruction will focus on new jobs, assistance to families with children and the elderly and to key economic sectors. Climate protection targets and digitisation will also be given due weight. Similarly to the 2021 budget, next year’s will have an economic recovery fund, this time with over 7,300 billion forints, or 13% of next year’s GDP. Another fund, to support social security and efforts against the pandemic, will contain over 3,600 forints.


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