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Orban Says Managing Budget Deficit Is Not a Top Priority

HUNGARY
  • Speaking in a radio interview this morning, Prime Minister Orban said that the planned increase in pensions will stretch Hungary’s budget but keeping a lid on the deficit isn’t the government’s top priority. On growth, he said the return of consumer spending power, parallel with falling inflation and improved economic competitiveness, would result in an economic recovery from the third quarter.
  • As per MTI, he noted that the government had taken on the task of fighting inflation from the NBH as the central bank's "pocketknife" was insufficient for the "huge tree" that rising consumer prices had become.
  • Regarding frozen European Union funding, Orban said Hungary has fulfilled all its commitments to the EU, but that Brussels does not want to disburse the funding it has withheld and is "making up excuses to win time". He said the EU was hoping that "Hungary will be left on its own" if a leftist government wins the elections in mid-October in Poland, "so it will be easier to defeat us".
  • Hungary’s unemployment rate rose to 4% (Est: 3.9%) in August from 3.9% in July, according to the Central Statistical Office. Finance Minister Varga will speak at a financial education event at 0900BST/1000CET.
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