Hungarian parliament approves 2025 budget
Dec 21, 2024
Budapest (Hungary), December 21: Hungary's parliament approved the 2025 budget on Friday, projecting 3.4 percent economic growth, 3.2 percent inflation, and a 3.7 percent budget deficit relative to the gross domestic product (GDP).
The vote passed with 125 in favor, 56 against, and no abstentions.
The budget aims to reduce public debt to 72.6 percent of GDP by the end of 2025, down from 73.2 percent at the close of 2024. It sets revenue at 38,728 billion forints (97.35 billion U.S. dollars) and expenditures at 42,851 billion, with a deficit of 4,122 billion forints.
Defense spending will exceed 1,750 billion forints, reaching two percent of GDP, while nearly 3,900 billion forints will be allocated to education and over 3,700 billion to healthcare. Family support programs will receive more than 3,750 billion forints, and retirement benefits are set at 7,200 billion forints.
More than 300 new investments, worth over 8,100 billion forints, are planned for 2025, alongside initiatives to double child-related tax benefits, expand housing assistance, and launch workers' credit programs.
"The budget has been approved. We expect next year to be an easier year for the Hungarian people," Mate Kocsis, Fidesz parliamentary group leader, wrote on Facebook.
Source: Xinhua News Agency
