BUDAPEST – Hungary posted a 181 billion forint ($411.09 million) budget surplus in September, the Finance Ministry said on Monday, adding that Prime Minister Viktor Orban’s government has lifted the 2022 deficit target to 6.1% of economic output.
The September surplus trimmed the shortfall for the first nine months to 2.692 trillion forints, the ministry said. The deficit has ballooned amid a surge in expenditure driven by the war in Ukraine and European Union sanctions imposed on Russia.
The ministry said some 740 billion forints worth of spending on additional gas purchases from Russia have added 1.2 percentage point to the 2022 budget deficit.
Increased spending ahead of an April 3 parliamentary election, including a tax rebate for families, pension hikes and tax cuts have also contributed to a surge in the deficit in the first months of the year.
($1 = 440.29 forints)