Hungary raises 2023 deficit target to 3.9% of GDP from 3.5% -budget council

BUDAPEST - Hungary's budget deficit will increase to 3.9% of economic output in the modified 2023 budget from a 3.5% goal set in the original budget law, the supervisory Budget Council said in its opinion about the draft amendment on Tuesday.

The government has tweaked the budget as the economy is expected to slow sharply next year while inflation and energy subsidy costs have soared. Finance Minister Mihaly Varga said last week the government aimed to reduce the deficit to 3.5% of GDP from a projected 6.1% this year. nL8N33A26P