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Fiscal Gap Widens on Energy Subsidy, Pension Spending

HUNGARY
  • Preliminary budget data released by the Finance Ministry yesterday showed the budget deficit jumping 37% from the January-November shortfall, bringing the total annual gap to $12.8b and to an estimated 6.1% of total GDP in 2022, Bloomberg report. The government aims to narrow the deficit to 3.9% of GDP in 2023, with the deficit ballooning in 2022 in part to a boost in spending on energy subsidies and pensions.
  • HUF ended yesterday’s session in the green against the EUR despite the EURHUF pair briefly touching above the 400.0 level. CPI data is on the docket tomorrow (Exp. +25.8% Y/Y; +3.0% M/M), which could provide headwind to the forint following poor data releases throughout the week. The pair starts off the session relatively flat today, below 399.0 at the time of typing.
  • The results of a government debt auction, where Hungary plans to sell HUF75b in bonds, will be announced at 1030 GMT/1130 local time. There are no domestic data releases scheduled today, with US CPI data the key risk event this afternoon.
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