Surplus was 1.5% as a proportion of GDP in the 1st half of 2017
The surplus of the general government sector in the 1st half of 2017 was HUF 270.5 billion, 1.5% of GDP according to the preliminary data, HUF 183.9 billion more or 1.0 percentage point higher as a proportion of GDP compared to the same period of 2016. The change in the balance was due to a larger increase in revenues than in expenditures.
In the 1st half of 2017 compared to the same period of 2016:
The revenues of the general government sector were HUF 8,322.2 billion and its expenditures HUF 8,051.7 billion.
Revenues grew by HUF 748.8 billion or 9.9%. Social contributions were up by HUF 54.8 billion (2.4%). Taxes on income were HUF 96.2 billion (7.9%) higher than a year earlier, mainly resulting from payments from the recipients of tax credit for growth. Taxes on production grew by HUF 191.1 billion (6.2%), within which HUF 127.4 billion (8.1%) was an increase in VAT revenues. The largest, HUF 404.2 billion (41.7%) increase was recorded in other revenues, consisting mainly EU transfers.
Expenditures increased by HUF 564.8 billion or 7.5%. The growth was HUF 148 billion (8.1%) in paid compensation of employees, HUF 42 billion (1.9%) in social benefits other than social transfers in kind and HUF 178.7 billion (13.9%) in other expenditures. Gross capital formation grew by HUF 277.5 billion (79.9%). On the other hand, intermediate consumption was HUF 51.8 billion (–4.3%) less and interest expenditures were HUF 29.6 billion (–5.2%) lower than a year earlier.
In the 2nd quarter of 2017 compared to the same period of 2016:
The general government sector had a surplus of HUF 18.2 billion in the 2nd quarter of 2017, which was 0.2% of GDP. The surplus was HUF 38.9 billion more or 0.4 percentage point higher as a proportion of GDP compared to the same period of the previous year.
Revenues increased by HUF 516.3 billion (13.3%).
Expenditures were HUF 477.4 billion (12.2%) higher than a year earlier.
In 2016:
The deficit of the general government sector was HUF 656.5 billion, 1.9% of GDP in 2016 according to the 2nd preliminary data of national accounts. HCSO reported the data to Eurostat, the Statistical Office of the EU, in compliance with the regulation on Excessive Deficit Procedure (EDP), according to the methodological requirements included in the European System of Accounts (ESA 2010). The debt of the general government sector – based on data of the National Bank of Hungary – was HUF 26,164 billion, 73.9% of GDP at the end of 2016.
The data of general government sector of 2013-2015 have been revised due to the reclassification of statutory guarantee funds and subsidiaries and the new accounting methodology of revenues from selling mobile phone licences.
The impact of revision on the balance of general government sector (million HUF)
| 2013 | 2014 | 2015 | |
|---|---|---|---|
| Total revision | –22,452.0 | –222,619.3 | –156,798.4 |
| Mobile phone licences | –36,285.0 | –145,194.0 | +27,908.0 |
| Statutory guarantee funds and subsidiaries | +13,833.0 | –66,100.0 | –168,790.0 |
| Other routine revision | 0.0 | –11,325.3 | –15,916.4 |
| Impact of total revision on the balance, in proportion of GDP, % | –0.07 | –0.69 | –0.46 |