Finance Ministry: Budget deficit widens to HUF 3,488 billion in October

The central budget posted a shortfall of 3,510 billion forints at the end of October, with social security funds 142.3 billion in the red and separate state funds 164.4 billion in surplus.

The ministry said in a statement that the budget would ensure the value of pensions was preserved and household energy subsidies and family benefits maintained.

At the same time, it said the government was committed to reducing the deficit as well as cutting the public debt from year to year.

Household energy subsidies cost the treasury 1,301 billion by the end of October, it noted.

Government spending related to programmes financed by the European Union came to 2,151 billion in Jan-Oct, while EU transfers were worth 1,192 billion.

The full-year deficit target is 3,400.2 billion forints. The deficit reached 4,753.4 billion in 2022.