Hungary Parliament

by Portfolio.hu

budget deficit target was set to 4.0% of gross domestic product, lower than the 4.1% target set in the Convergence Programme last December.

Total revenues were set to HUF 7,899.5 bn, and total spending to HUF 9,017.1 bn, which leads to a budget deficit of HUF 1,117.6.

Social security funds are to post surplus of HUF 1.95 next year, with the pension fund breaking even, which means the health insurance fund will have that humble surplus.

General budget reserves were set to HUF 46.7 bn, down HUF 14 bn from this year.

Parliament is set to continue the debate on the 2008 Budget next week.

The cabinet is scheduled to address the update of the Convergence Programme (to be submitted to Brussels by 1 December) on Wednesday. It is seen further lowering the 6.4% of GDP target for 2007 (the original target was 6.8% which was trimmed to 6.6%)