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In 2020, the Hungarian economy has proven to be more resilient than the average European Union

In 2020, the Hungarian economy has proven to be more resilient than the average European Union

The government will submit the necessary amendment to the 2021 Budget Law to Parliament in the Spring Session.

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The economic protection measures taken at the time of the epidemic outbreak contributed greatly to the fact that the ratio of Hungary’s public debt to GDP was around 80.4 percentage points in 2020, according to the Magyar Nemzeti Bank (MNB) data series. ). M).

Last year, the budget also provided the resources needed to control epidemics and economic protection. According to the data of the Central Statistical Organization on Thursday, and as a result of the measures taken, the central budget deficit as a percentage of GDP reached 8.1% in 2020. With all this, the Hungarian economy has proven to be more flexible than the European Union average, as the ministry affirms.

The letter indicates that the Central Statistical Office sends the development of the two main indicators of the general government sector, general government deficit and debt, to the European Union’s statistical office twice a year – in the spring and autumn. Hungary’s debt ratio has been declining steadily year after year since 2012, and in 2019 it fell to 65.5 percentage points from more than 80 percent in 2010. They added that although the coronavirus epidemic has hit the Hungarian economy hard, the debt is This year of 80.4% is well below the European Union average of over 90%.

The general government deficit reached 8.1 percent of GDP last year, and is expected to be in line with the European Union average. Resources for the epidemiological and economic protection measures have been fully provided from the budget, so there can be no financial obstacle to protecting human lives and economic protection.

Last year’s budget provided funding for, among other things, the purchase of equipment and infrastructure development for health purposes, as well as a one-time allowance of HUF 500,000 for healthcare workers. In 2020, substantial resources have been allocated to support the Family Protection Action Plan, as well as investments from the Modern Cities Program and the Hungarian Village Program from local development expenditures.

Fighting the coronavirus pandemic and relaunching the economy is of utmost importance, so the 2021 budget will also fully provide the necessary resources. The Ministry of Finance confirmed in a statement that the government will present the necessary amendment to the 2021 Budget Law to the House of Representatives in the spring session.

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