Surplus as a proportion of GDP at 0.1%
The surplus of the general government sector in the 1st quarter of 2019 was HUF 10 billion, 0.1% of GDP according to preliminary data. The balance improved by HUF 90 billion, or by 0.9 percentage points as a proportion of GDP compared to the same period of the previous year. The improvement of the balance was due to a larger increase in revenues than in expenditures.
In the 1st quarter of 2019 compared to the same period of 2018:
The general government sector’s revenue was HUF 4,554 billion and its expenditure HUF 4,543 billion.
Revenues went up by HUF 313 billion or by 7.4%. The largest, HUF 168 billion (10.0%) increase in value was recorded in taxes on production, within which VAT revenues grew by HUF 110 billion (by 12.5%). Revenues from taxes on income were HUF 52 billion (7.5%) higher than a year earlier. Social contributions rose by HUF 107 billion (by 8.7%). Other revenues decreased by 16 billion (by 2.5%).
Expenditures increased by HUF 223 billion or by 5.2%. The growth in the case of gross fixed capital formation was HUF 97 billion (33.4%), and regarding intermediate consumption HUF 101 billion (17.0%). Paid compensation of employees went up by HUF 10 billion (by 0.9%) and social benefits other than social transfers in kind by HUF 15 billion (by 1.3%). Interest expenditures grew by HUF 4.5 billion (by 1.8%). Other expenditures decreased by HUF 6 billion (0.7%).