February 10th, 2017

Government plans to submit 2018 budget proposal in spring

The Hungarian government wants to submit its 2018 budget proposal to parliament in the spring, just as last year, and the preparatory work has already started, Economy Minister Mihály Varga said at a news conference. Varga noted that the economic effects of wage raises the government agreed to last November are not yet included in the 2017 budget. The minister said the preliminary budget surplus of 123.4 billion forints (EUR 400m) in January was at a 17-year high and that the financial resources needed for this year’s economic policy goals are available. Lower taxes, a lighter financial burden on companies, subsidies for home building programmes and wage raises all affect the budget. Because of a favourable interest environment, government debt financing this year should be cheaper and interest spending lower by tens of billions of forints compared with last year, Varga added.

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