Deficit as a proportion of GDP was 0.1% in the first three quarters
According to preliminary data the deficit of the general government sector in the 1st–3rd quarters of 2019 was HUF 41 billion, 0.1% of GDP. The balance improved year-on-year by HUF 262 billion, or by 0.8 percentage points as a proportion of GDP. The improvement of the balance was due to a larger increase in revenues than in expenditures.
In the 1st–3rd quarters of 2019 compared to the same period of 2018:
The general government sector’s revenues were HUF 14,747 billion and its expenditures HUF 14,788 billion.
Revenues went up by HUF 1,004 billion or by 7.3%. The largest, HUF 465 billion (8.2%) increase in value was recorded in taxes on production, within which VAT revenue growth was HUF 304 billion (10.2%). Revenues from taxes on income were HUF 201 billion (9.7%) higher than a year earlier. Social contributions rose by HUF 274 billion (by 7.1%). Other revenues increased by 62 billion (by 2.9%).
Expenditures increased by HUF 742 billion or by 5.3%. The growth in case of gross fixed capital formation was HUF 261 billion (16.3%), regarding intermediate consumption it was HUF 156 billion (7.1%). Paid compensation of employees went up by HUF 160 billion (by 4.9%) and social benefits other than social transfers in kind increased by HUF 129 billion (by 3.6%). Interest expenditures grew by HUF 49 billion (by 6.6%). Other general government sector expenditures were reduced by HUF 13 billion (0.5%).
In the 3rd quarter of 2019 compared to the same period of 2018:
The general government sector had a deficit of HUF 247 billion: 2.1% of GDP. The balance worsened by HUF 179 billion or by 1.5 percentage points compared to the same period of the previous year.
Revenues increased by HUF 205 billion (by 4.3%).
Expenditures were HUF 384 billion (7.9%) higher than a year earlier.