Deficit as a proportion of GDP was 3.7% in the 1st half, and 2.3% in the 2nd quarter of the year
According to preliminary data, the deficit of the general government sector in the 1st half of 2024 was HUF 1,489 billion, 3.7% of GDP. The deficit of the 2nd quarter was HUF 469 billion, 2.3% of GDP.
In the 1st half of 2024:
The general government sector’s revenues were HUF 16,825 billion and its expenditures HUF 18,314 billion.
In the 1st half of 2024, compared to the same period of 2023:
Revenues went up by HUF 1,295 billion or by 8.3%. The largest, HUF 511 billion (14.1%) increase was recorded in social contributions, revenues from taxes on production and taxes on income increased significantly, too: the former grew by HUF 470 billion (7.4%), and the latter by HUF 462 billion (17.5%), year-on-year. Other revenues decreased by HUF 149 billion (by 5.2%).
Expenditures increased by HUF 615 billion or by 3.5%. The growth in case of paid compensation of employees was HUF 545 billion (15.4%). Social benefits other than social transfers in kind increased by HUF 462 billion (11.2%). Intermediate consumption fell by HUF 126 billion (by 4.1%), interest expenditures rose by HUF 195 billion (by 11.8%). Gross fixed capital formation fell by HUF 80 billion (by 7.0%). Other general government sector expenditures were HUF 382 billion (by 9.2%) lower compared to the previous year.
The balance improved by HUF 681 billion, or by 2.2 percentage points as a proportion of GDP compared to the same period of the previous year.
In the 2nd quarter of 2024, compared to the same period of 2023:
Revenues increased by HUF 570 billion, by 6.9%.
Expenditures were HUF 471 billion (5.3%) higher.
The balance improved by HUF 100 billion or by 0.8 percentage points as a proportion of GDP compared to the previous year.
In 2023:
The deficit of the general government sector in 2023 was HUF 5,035 billion, 6.7% of GDP, according to the 2nd preliminary data of the 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 at the end of 2023 – based on data of the National Bank of Hungary – was HUF 55,142 billion, 73.4% of GDP.