Hungary’s budget deficit will exceed the government’s target this year as an economic contraction challenges fiscal policy, according to a Bloomberg News survey.
The shortfall will be 4.3% of gross domestic product, exceeding the government’s 3.9% target and the median estimate of 4.1% made by economists in the second quarter, according to the Bloomberg poll. The economy will shrink 0.3% for the year compared with 2022, worse than the previous estimate that saw 0.2% growth and the government goal for 1.5% expansion.
Hungary’s economic outlook is worse than regional peer Poland’s, where the economy may grow 0.9% this year, according to a separate Bloomberg survey. The budget deficit though may be higher there, at 5% of GDP, as pre-vote spending ahead of general elections in October raises budget pressures. The government in Warsaw raised next year’s shortfall target to 4.5% of economic output from an earlier 3.4%.
The budget has been reeling since Prime Minister Viktor Orban’s record pre-election spending last year, which was followed by expenditure on projects including the acquisition of Vodafone Plc’s Hungarian business and a new stadium for the World Athletics Championships, currently underway in Budapest.
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