Deficit as a proportion of GDP 3 percent in Q3

In the 3rd quarter of 2024 compared to the same period of 2023 the general government sector had a deficit of HUF 621 billion, representing 3% of GDP. The balance became HUF 133 billion or 0.9 percentage points more favourable than in the previous year.

Revenues increased by HUF 570 billion (by 7.3%).

Expenditures rose by HUF 436 billion (by 5.1%).

In the 1st–3rd quarters of 2024 according to preliminary data, the deficit of the general government sector in the 1st–3rd quarters of 2024 was HUF 2,110 billion, 3.5% of GDP.

The general government sector’s revenues were HUF 25,205 billion and its expenditures HUF 27,315 billion.

In the 1st–3rd quarters of 2024, compared to the same period of 2023 the balance improved by HUF 814 billion, or by 1.8 percentage points as a proportion of GDP compared to the same period of the previous year.

Revenues increased by HUF 1,865 billion or by 8%. The largest increase of HUF 749 billion (13.8%) was in social contributions. Income tax revenues were HUF 604 billion (15%) higher than a year earlier. Production tax revenues increased by HUF 611 billion (by 6.3%). Other revenues went down by HUF 102 billion (2.4%).

Expenditures increased by HUF 1,051 billion, or by 4.0%. The growth was HUF 817 billion (15.3%) for paid compensation of employees. Social benefits other than social transfers in kind rose by HUF 656 billion (10.9%). The interest expenditures went up by HUF 287 billion (by 11%). Gross fixed capital formation, intermediate consumption and other general government sector expenditures all went down. Gross fixed capital formation decreased by HUF 214 billion (by 10.3%), intermediate consumption by HUF 57 billion (1.2%) and other general government sector expenditures went down by HUF 438 billion (by 7.9%) compared with the same period in 2023.