In the past couple of months, in the midst of a protracted financial-economic crisis, the government has carried out structural reforms by which the fiscal balance was made sustainable and general government debt was set on a downward path.
Due to the fiscal trend reversal, the deficit will certainly and steadily remain below 3 percent, consequently next year the Hungarian economy will begin to expand on the basis of firm fundamentals. The Budget Bill of 2013 sets a deficit target of 2.2 percent which – via one of the most stable fiscal management policies of Europe – will aptly respond to the challenges imposed by the debt crisis.
The system of revenues and expenditures of the draft budget will provide the opportunity for economic growth and job creation, as it favours sales taxes instead of taxes on labour, reduces the operational expenses of the state, introduces the Start work programme, utilizes EU funds and continues the transformation process of the system of social welfare services. On the basis of the aforementioned principles, the government submitted to parliament today the Budget Bill of Hungary for the year of 2013.
American-Hungarian News /Ministry for National Economy