The deficit of the general government sector as a proportion of GDP was 2.2% in 2018
The deficit of the general government sector in 2018 was HUF 934 billion, 2.2% of GDP according to preliminary data. The balance deteriorated by HUF 90 billion but remained unchanged as a proportion of GDP compared to 2017.
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 deficit of the general government sector was HUF 934 billion, 2.2% of GDP. The debt of the general government sector – based on data of the National Bank of Hungary – was HUF 29,807 billion, 70.8% of GDP at the end of 2018.
In 2018 compared to 2017:
The general government sector’s revenues were HUF 18,617 billion and its expenditures HUF 19,551 billion.
Revenues went up by HUF 1,461 billion or by 8.5%. Taxes on production were HUF 811 billion (11.8%) higher than a year earlier, within which there was an increase of HUF 503 billion (13.9%) in VAT revenues. Revenues from taxes on income grew by HUF 72 billion (by 2.5%). Social contributions were up by HUF 243 billion (by 5.0%). Other revenues rose by HUF 335 billion or by 13.3%, mainly due to a significant growth in EU transfers.
Expenditures increased by HUF 1,551 billion or by 8.6%. A growth of HUF 238 billion (5.7%) was recorded in paid compensation of employees and of HUF 218 billion (4.7%) in social benefits other than social transfers in kind. Gross fixed capital formation went up by HUF 693 billion (by 39.7%) and other expenditures by HUF 435 billion (by 13.3%). Intermediate consumption was reduced by HUF 32 billion (by 1.1%). Interest expenditures of the general government sector basically remained the same.
In the 4th quarter of 2018 compared to the same period of 2017:
The general government sector had a deficit of HUF 626 billion, 5.8% of GDP, HUF 52 billion or 1.0 percentage point lower than one year earlier.
Revenues grew by HUF 268 billion or by 5.5%.
Expenditures were HUF 216 billion (3.9%) higher than a year earlier.