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Government Revises Spending as Budget Deficit Widens

HUNGARY
  • The government will revise spending on health care, education, families and state investments as it aims to achieve a 3% reduction of outlays in the selected areas, according to a government decree published in the official gazette on late Tuesday. 10% of its spending and revisions on health care and family support will have to be made by the end of 2023 as it aims to meet a full-year budget shortfall of 3.9% of GDP in 2023 and 2.9% in 2024. Recent data showed that the budget deficit widened in the first quarter of the year to 9.8% of GDP compared to 3% a year prior.
  • Parliament in Budapest yesterday approved the controversial law which strips teachers of protections granted to public employees, raises the number of weekly hours of required teaching and limits educators’ autonomy. It also allows the government to relocate teachers. More than 5,000 teachers have pledged to quit if the new regulations come into effect, according to a tally on website aHang, saying the new measures are a crackdown following years of anti-government protests.
  • The NBH will release minutes from its June meeting at 1300BST/1400CET. The following data is on the docket for the remainder of the week:
    • 06/07: Industrial Production (Est: -6.5% y/y)
    • 06/07: Retail Sales (-11.0% y/y)
    • 07/07: CPI (+20.1% y/y; +0.3% m/m)
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