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OTP Bank Say Hungary Likely to Overshoot Revised Budget Deficit Target

HUNGARY
  • OTP Bank say in a note that Hungary will significantly overshoot even its upwardly revised budget deficit target this year unless the government takes steps to boost revenue or cut spending.
  • The shortfall this year may be 7.3% of GDP versus the revised 5.2% goal for this year, they say. The budget deficit goal of 2.9% of GDP for 2024 is also at risk - OTP predict a 4.2% shortfall if no further steps are taken.
  • Missed VAT revenues, higher pensions and interest payments have derailed the 2023 budget, while lower EU fund transfers are also having a negative impact. Regarding the funds, they say progress has been limited with possible exception on judiciary reforms, meaning less money will arrive this year.
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