Published on: 1 April 2015

Deficit is 2.6% of GDP in 2014

The deficit of the general government sector was HUF 829.1 billion, 2.6% of GDP in 2014, which was HUF 95.4 billion more, or 0.1 percentage point higher as a proportion of GDP compared to the same period of 2013. The deficit in the 4th quarter of 2014 was HUF 192.8 billion, 2.4% of GDP, which was HUF 137.6 billion more than the deficit in the corresponding period of the previous year.

The deficit of the general government sector was HUF 829.1 billion in 2014, 2.6 % of GDP according to the preliminary data of national accounts. HCSO reported the data to Eurostat, the Statistical Office of the EU in compliance with the regulation on the Excessive Deficit Procedure (EDP), according to the methodological requirements of the European System of Accounts (ESA2010). The debt of the general government sector – based on data of the NBH – was HUF 24 525 billion, 76.9% of GDP at the end of 2014.

In 2014 compared to 2013

the HUF 829.1 billion deficit of the general government sector (2.6% of GDP) was HUF 95.4 billion more, or 0.1 percentage point higher as a proportion of GDP;

the revenues of the general government sector were HUF 15 168.1 billion and its expenditures HUF 15 997.2 billion;

revenues grew by 7.3%. Growths were recorded in taxes on income (7.8%), actual social contributions (7.5%) and taxes on production and imports (7.1%), and within the latter VAT payments were up by 11.8%;

expenditures increased by 7.6%, within which gross fixed capital formation at the highest rate (by 25.4%). Intermediate consumption rose by 12.5% and the compensation of employees by 11.3%. Interests decreased by 4.2%, while social benefits other than social transfers in kind remained unchanged.

In the 4th quarter of 2014 compared to the same period of 2013

revenues increased by 10.0%. Growths were recorded in taxes on income (8.5%), actual social contributions (6.5%) and taxes on production and imports (5.9%), and within the latter VAT payments rose by 15.3%;

expenditures were up by 13.3%. Intermediate consumption rose by 24.2%, gross fixed capital formation by 17.4%, the compensation of employees by 16.5% and social benefits other than social transfers in kind by 1.0%. In contrast, interests decreased by 3.1%.

EDP notification of Hungary