Surplus as a proportion of GDP at 2.0%
According to preliminary data the general government sector had a surplus of HUF 178.3 billion in the 1st quarter of 2017, which was 2.0% of GDP. The surplus was HUF 44.3 billion more or 0.4 percentage point higher as a proportion of GDP compared to the same period of the previous year. The change in the balance was due to a larger increase in revenues than in expenditures.
In the 1st quarter of 2017 compared to the same period of 2016:
The revenues of the general government sector were HUF 3,938.6 billion and its expenditures HUF 3,760.3 billion.
Revenues grew by HUF 225.7 billion or 6.1%. The largest, HUF 73.2 billion (12.4%) increase was recorded in revenues from taxes on income. Taxes on production were up by HUF 71.8 billion (4.9%), within which HUF 58.5 billion (7.9%) was an increase in VAT revenues. Other revenues, consisting mainly of EU transfers, contributed to the rise in general government sector revenues by HUF 42.1 billion (7.7%). Social contributions were HUF 38.6 billion (3.4%) higher.
Expenditures increased by HUF 181.4 billion or 5.1%. The growth was HUF 79.7 billion (9.0%) in paid compensation of employees, HUF 76.4 billion (54.9%) in gross fixed capital formation, HUF 28.9 billion (2.6%) in social benefits other than social transfers in kind and HUF 51.2 billion (8.9%) in other expenditures, including mainly transfers. On the other hand, intermediate consumption was HUF 35.2 billion (–6.1%) less and interest expenditures were HUF 19.5 billion (–6.8%) lower than a year earlier.