Illustration - Photo: Flickr/

The deficit in proportion of the GDP was 5.4% in the first quarter

According to preliminary data the deficit of the general government sector in the 1st quarter of 2024 was HUF 1,068 billion, 5.4% of GDP. The balance improved by HUF 611 billion, or by 4.0 percentage points as a proportion of GDP compared to the same period of the previous year.

In the 1st quarter of 2024 the general government sector’s revenues were HUF 7,952 billion and its expenditures HUF 9,020 billion.

In the 1st quarter of 2024 compared to the same period of 2023 revenues went up by HUF 758 billion or by 10.5%. Taxes of production surpassed by HUF 160 billion (5.3%) the one year earlier level. VAT revenue growth was HUF 89 billion (5.6%). Revenues from taxes on income were HUF 206 billion (17.1%) higher than a year earlier. Social contributions increased by HUF 246 billion (by 14%). Other revenues increased by 145 billion (by 12.2%).

Expenditures increased by HUF 146 billion or by 1.7%. The increase in case of paid compensation of employees was HUF 266 billion (15.5%). Social benefits other than social transfers in kind rose by HUF 245 billion (by 10.7%). Intermediate consumption decreased by HUF 36 billion (by 2.8%), interest expenditures grew by HUF 249 billion (by 33.5%). Gross fixed capital formation decreased by HUF 29 billion (by 6.8%). Other general government sector expenditures fell back by HUF 549 billion (by 22.7%) year-on-year.

Leave a Reply