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.