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The government published the data in complete silence: the Hungarian economy is in big trouble

The government published the data in complete silence: the Hungarian economy is in big trouble

They tried to arrange it in a styka way – but it didn't work out.

MTI/Prime Minister's Press Office/Pinko Vivian Scheer

On the evening of December 30, the Ministry of Finance published its latest medium-term forecasts. The document must be published by the end of the year, and it is perhaps no coincidence that this time was chosen, when interest in the topic has diminished due to the holidays. privatbankár.hu.

The document paints a rather bleak picture of the performance of the Hungarian economy in 2023, as well as the state of public finances.

The most important economic newspapers, hvg.hu and Portfolio.hu, also collected the most important information from the data presented in the document:

– Hungarian GDP fell by 0.4 percent in 2023,

– The national budget deficit as a share of GDP was 5.9 percent – not only exceeding the original plan of 3.9 percent, but also exceeding last fall's estimate of 5.2 percent,

– Annual inflation reached 17.6 percent.

Total wages increased by 14.5 percent.

From the last two figures, it can be calculated that the net real wage per capita decreased by 3.3 percent. also:

– Household consumption decreased by 2 percent,

– Imports decreased by 4.8 percent, while the value of exports increased by 0.4 percent.

The document also addresses the huge deficit in the general budget and reveals its causes:

– Companies paid 320 billion Hungarian forints less in taxes than planned,

– Revenues from consumption-related taxes (mainly VAT) were 1,137 billion HUF lower, and despite higher inflation, they exceeded last year's figure by only 300 billion HUF (9,050 billion after 8,718).

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– Household payments also turned out to be 120 billion less than expected,

– 400 billion forints less than planned were received from the EU.

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