Deficit as a proportion of GDP 3.0% in the 3rd quarter and 3.5% in the first three quarters
The deficit of the general government sector in the third quarter was HUF 621 billion, or 3.0% of GDP. The balance is HUF 133 billion, or 0.9 percentage point more favourable than a year earlier.
In the 3rd quarter of 2024 compared to the same period of 2023:
The general government sector had a deficit of HUF 621 billion, representing 3% of GDP. The balance became HUF 133 billion or 0.9 percentage points more favourable than in the previous year.
Revenues increased by HUF 570 billion (by 7.3%).
Expenditures rose by HUF 436 billion (by 5.1%).
In the 1st–3rd quarters of 2024:
According to preliminary data, the deficit of the general government sector in the 1st–3rd quarters of 2024 was HUF 2,110 billion, 3.5% of GDP.
The general government sector’s revenues were HUF 25,205 billion and its expenditures HUF 27,315 billion.
In the 1st–3rd quarters of 2024, compared to the same period of 2023:
The balance improved by HUF 814 billion, or by 1.8 percentage points as a proportion of GDP compared to the same period of the previous year.
Revenues increased by HUF 1,865 billion or by 8%. The largest increase of HUF 749 billion (13.8%) was in social contributions. Income tax revenues were HUF 604 billion (15%) higher than a year earlier. Production tax revenues increased by HUF 611 billion (by 6.3%). Other revenues went down by HUF 102 billion (2.4%).
Expenditures increased by HUF 1,051 billion, or by 4.0%. The growth was HUF 817 billion (15.3%) for paid compensation of employees. Social benefits other than social transfers in kind rose by HUF 656 billion (10.9%). The interest expenditures went up by HUF 287 billion (by 11%). Gross fixed capital formation, intermediate consumption and other general government sector expenditures all went down. Gross fixed capital formation decreased by HUF 214 billion (by 10.3%), intermediate consumption by HUF 57 billion (1.2%) and other general government sector expenditures went down by HUF 438 billion (by 7.9%) compared with the same period in 2023.