Hungarian Finance Minister Mihaly Varga affirmed the government's 4.9% of gross domestic product budget deficit target for 2022 on Thursday after a surge in the deficit in the first four months due to pre-election spending.

Varga told a parliamentary confirmation hearing that he would submit the 2023 budget draft to parliament early next month, targeting a reduction in the shortfall to 3.5% of GDP, while economic growth is seen in the 3.5% to 4% range.

(Reporting by Gergely Szakacs)