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Budget posts HUF 54.4 billion surplus in January, ministry confirms

Hungary's cash-flow-based budget surplus came to 54.4 billion forints (EUR 140.3m) at the end of January, the finance ministry confirmed in a detailed reading of data published on Thursday.

The central budget deficit was 37.4 billion forints and the social security funds had a surplus of 50.2 billion forints. Separate state funds posted a 41.6 billion forint surplus.

The ministry noted that the budget had ensured resources for a 6 percent pension rise as well as the continuation of the regulated price scheme for household utilities and family subsidies.

“The government aims to strengthen growth this year, while continuing to reduce budget deficit and state debt levels,” it added.

Expenditures related to the regulated utilities price scheme for households came to 181.3 billion forints by the end of January, 8.3 billion forints more than in the same period of last year.

European Union transfers came to 226.0 billion forints, over 191 billion forints more than in January 2023, as a suspension of some of Hungary’s EU funding was lifted after the country complied with the European Commission’s conditions regarding judicial reforms.

Expenditures on pensions increased as the government raised pensions by 6 percent in January.

Central budget revenues rose by 16.9 percent to 3,321.7 billion forints at the end of January. Central budget expenditures were up 9.5 percent at 3,267.3 billion forints.

Central budget debt rose by 2,064.5 billion forints in January 2024.

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